Santander Bank Raises Its Prime Rate to 3.50%

Rhea-AI Summary

Santander Bank has raised its prime rate from 3.25% to 3.50%, effective March 16, 2022. This change reflects adjustments in the banking environment and is part of Santander's broader financial strategy. With approximately $89.5 billion in assets, Santander Bank serves over 2 million customers across several states, including Massachusetts, New York, and Pennsylvania. As a subsidiary of Banco Santander, S.A. (NYSE: SAN), the bank is well-positioned within the U.S. and global markets.

Positive

• Prime rate increase may enhance profit margins on loans.
• Strong asset base of $89.5 billion supports stability.

Negative

• Raising the prime rate may deter loan demand among consumers.

BOSTON--(BUSINESS WIRE)-- Santander Bank announced today it has raised its prime rate from 3.25% to 3.50%, effective March 16, 2022.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $89.5 billion in assets. With its corporate offices in Boston, the Bank’s approximately 9,200 employees and more than 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 153 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316006072/en/

MEDIA:

Nancy Orlando

617-757-5765

nancy.orlando@santander.us

Source: Santander Bank, N.A.

FAQ

What is the current prime rate for Santander Bank (SAN)?

Santander Bank has increased its prime rate to 3.50% effective March 16, 2022.

How might the prime rate increase impact Santander Bank (SAN)?

The increase may improve profit margins but could also reduce consumer loan demand.

What are Santander Bank's total assets?

Santander Bank has total assets of approximately $89.5 billion.

When did Santander Bank raise its prime rate?

Santander Bank raised its prime rate on March 16, 2022.