KEYCORP RAISES ITS PRIME LENDING RATE TO 3.50 PERCENT

Rhea-AI Summary

KeyCorp has announced an increase in its prime lending rate from 3.25 percent to 3.50 percent, effective March 17, 2022. This modification reflects the bank's strategic adjustments within the current economic landscape. As of December 31, 2021, KeyCorp had assets totaling approximately $186.3 billion. Under the KeyBank National Association brand, it operates a network of about 1,000 branches and 1,300 ATMs across 15 states, offering various financial services to both individuals and businesses.

Positive

• Increased prime lending rate could enhance interest income.
• Strong asset base of approximately $186.3 billion as of December 31, 2021.

Negative

• Higher lending rates may deter potential borrowers, affecting loan growth.

CLEVELAND, March 16, 2022 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 3.50 percent from 3.25 percent, effective tomorrow, March 17, 2022.

About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $186.3 billion at December 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

 

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SOURCE KeyCorp

FAQ

What is the new prime lending rate for KeyCorp as of March 2022?

KeyCorp's new prime lending rate is 3.50 percent, effective March 17, 2022.

How much were KeyCorp's assets as of December 31, 2021?

As of December 31, 2021, KeyCorp had approximately $186.3 billion in assets.

How many branches does KeyBank operate?

KeyBank operates approximately 1,000 branches across 15 states.

What financial services does KeyCorp provide?

KeyCorp provides deposit, lending, cash management, and investment services to individuals and businesses.

Why did KeyCorp raise its prime lending rate?

The increase in the prime lending rate reflects KeyCorp's strategic adjustments to the economic environment.