Webster Raises Prime Lending Rate to 3.50 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS), based in Stamford, CT, announced an increase in its prime lending rate from 3.25% to 3.50%, effective March 17, 2022. This adjustment reflects the bank's response to economic conditions and the need to align its lending practices accordingly. Webster Bank, a prominent commercial bank in the Northeast with $65 billion in assets, operates across various financial sectors, including Commercial, Consumer Banking, and HSA Bank services.

Positive

• Increase in prime lending rate may enhance interest income.
• Positioned as a leading bank in the Northeast, indicating strong market presence.

Negative

• Higher lending rates could reduce borrowing demand among consumers and businesses.

STAMFORD, Conn., March 16, 2022 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, announced today that it has raised its prime lending rate to 3.50 percent from 3.25 percent, effective March 17, 2022.

About Webster
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, National Association and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Media Contact:
Alice Ferreira, 203-578-2610 
acferreira@websterbank.com

Investor Contact:
Emlen Harmon, 212-309-7646
eharmon@websterbank.com

View original content:https://www.prnewswire.com/news-releases/webster-raises-prime-lending-rate-to-3-50-percent-301504500.html

SOURCE Webster Financial Corporation

FAQ

What is the new prime lending rate for Webster Bank (WBS)?

The new prime lending rate for Webster Bank is 3.50%, effective March 17, 2022.

Why did Webster Financial Corporation (WBS) raise its prime lending rate?

The prime lending rate was raised in response to economic conditions to align lending practices.

What is the significance of the prime lending rate increase for Webster (WBS)?

The increase may enhance interest income for the bank, but could also lead to reduced borrowing demand.