HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 7.75 PERCENT
Huntington Bancshares Incorporated (NASDAQ: HBAN) has announced an increase in its prime rate from 7.5% to 7.75%, effective February 2, 2023. This change follows a previous adjustment made on December 15, 2022, when the rate was raised to 7.5% from 7%. Huntington, a regional bank holding company headquartered in Columbus, Ohio, manages $183 billion in assets and operates over 1,000 branches across 11 states. The increase in the prime rate is significant as it reflects broader economic trends and could impact borrowing costs for consumers and businesses.
- Prime rate increase to 7.75% indicates potential for higher interest income.
- Strong asset base of $183 billion supports company stability.
- Increased borrowing costs may deter consumers and businesses from taking loans.
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