Santander Bank Raises Its Prime Rate to 4.75%

Rhea-AI Summary

Santander Bank, N.A. has announced an increase in its prime rate from 4.00% to 4.75%, effective June 15, 2022. This decision affects a wide array of lending products, impacting both retail and commercial banking sectors.

Santander Bank is one of the largest banks in the U.S., holding $102 billion in assets and serving nearly 2 million customers across several states. It operates as a wholly-owned subsidiary of Banco Santander, S.A. (NYSE: SAN).

Positive

• None.

Negative

• Increased prime rate may lead to higher borrowing costs for customers, potentially reducing loan demand.
• Higher rates could negatively affect consumer spending and overall economic activity.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. announced today it has raised its prime rate from 4.00% to 4.75%, effective June 15, 2022.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $102 billion in assets. With its corporate offices in Boston, the Bank’s nearly 8,600 employees and nearly 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 155 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/20220615006110/en/

MEDIA:

Andrew Simonelli

andrew.simonelli@santander.us

Nancy Orlando

nancy.orlando@santander.us

Source: Santander Bank, N.A.

FAQ

What is the new prime rate for Santander Bank effective June 2022?

The new prime rate for Santander Bank is 4.75%, effective June 15, 2022.

How does Santander Bank's prime rate increase affect borrowers?

The increase in the prime rate may lead to higher borrowing costs for loans and credit products.

What is Santander Bank's total assets figure?

Santander Bank holds approximately $102 billion in assets.

What is the stock symbol for Banco Santander?

The stock symbol for Banco Santander is SAN.