Webster Raises Prime Lending Rate to 4.75 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) has announced a change in its prime lending rate, increasing it from 4.00% to 4.75%, effective June 16, 2022. This adjustment reflects the bank's strategic response to market conditions and aims to align its lending rates with current financial trends. Webster Financial operates primarily in the Northeast, providing both traditional and digital banking solutions and managing over $65 billion in assets. The company's divisions include Commercial Banking, Consumer Banking, and HSA Bank, a leading provider of employee benefits solutions.

Positive

• Increase in prime lending rate to 4.75% indicates strong market positioning.
• Webster Financial manages over $65 billion in assets, showcasing financial stability.

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• None.

STAMFORD, Conn., June 15, 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 4.75 percent from 4.00 percent, effective June 16, 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 more than $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

 

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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 (WBS) is 4.75%, effective June 16, 2022.

When did Webster Financial Corporation announce its prime lending rate increase?

Webster Financial Corporation announced its prime lending rate increase on June 15, 2022.

How does the prime lending rate change affect Webster Financial Corporation?

The increase in the prime lending rate may enhance Webster Financial's interest income and reflects a response to market conditions.