Webster Raises Prime Lending Rate to 4.00 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) announced an increase in its prime lending rate from 3.50 percent to 4.00 percent, effective May 5, 2022. This decision reflects the company's strategic response to current economic conditions. Webster, headquartered in Stamford, CT, is a significant player in the Northeast banking sector, providing both digital and traditional financial services across commercial, consumer, and employee benefits segments. With $65 billion in assets, Webster is positioned to enhance its competitive edge in the market.

Positive

• Increase in prime lending rate may enhance net interest margins.
• Strategic response to prevailing economic conditions suggesting proactive management.

Negative

• None.

STAMFORD, Conn., May 4, 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 4.00 percent from 3.50 percent, effective May 5, 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-4-00-percent-301540102.html

SOURCE Webster Financial Corporation

FAQ

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

The new prime lending rate for Webster Financial Corporation is 4.00 percent.

When will the new prime lending rate take effect for WBS?

The new prime lending rate will take effect on May 5, 2022.

What was Webster Financial Corporation's previous prime lending rate?

The previous prime lending rate was 3.50 percent.

How does the prime lending rate affect Webster Financial Corporation's business?

An increased prime lending rate can enhance net interest income for Webster Financial Corporation.

What is the significance of the prime lending rate change for WBS investors?

The change in prime lending rate may indicate a potential increase in profitability for WBS investors.