Webster Raises Prime Lending Rate to 5.50 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) has announced an increase in its prime lending rate from 4.75% to 5.50%, effective from July 28, 2022. This decision reflects the bank's response to current economic conditions and is aimed at aligning its lending practices with the market. As a significant player in the Northeast financial landscape, Webster, with $68 billion in assets, continues to offer a wide range of financial solutions across its three main business lines: Commercial Banking, Consumer Banking, and HSA Bank division.

Positive

• Webster's prime lending rate increase may lead to higher interest income from loans.
• The bank maintains a strong asset base of $68 billion, enhancing its financial stability.

Negative

• An increase in lending rates may deter potential borrowers, impacting loan demand.

STAMFORD, Conn., July 27, 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 5.50 percent from 4.75 percent, effective July 28, 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 $68 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-5-50-percent-301594758.html

SOURCE Webster Financial Corporation

FAQ

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

Webster Financial Corporation has raised its prime lending rate to 5.50% effective July 28, 2022.

When did Webster Financial Corporation raise its prime lending rate?

The prime lending rate was raised on July 27, 2022, with an effective date of July 28, 2022.

What impact does the prime lending rate increase have on Webster Financial Corporation's business?

The increase in the prime lending rate may lead to higher interest income but could also reduce loan demand.