Webster Raises Prime Lending Rate to 6.25 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) has increased its prime lending rate from 5.50% to 6.25%, effective Sept. 22, 2022. This adjustment reflects the bank's response to current economic conditions. Headquartered in Stamford, CT, Webster offers a wide range of financial services across its divisions, including Commercial Banking and HSA Bank, which is a significant player in employee benefits solutions. With approximately $68 billion in assets, Webster aims to enhance its service offerings while navigating the evolving market landscape.

Positive

• Increase in prime lending rate to 6.25% may enhance interest income.
• Webster's diversified financial solutions across Commercial Banking and HSA Bank can attract more customers.

Negative

• Higher lending rates could deter potential borrowers, affecting loan demand.

STAMFORD, Conn., Sept. 21, 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 6.25 percent from 5.50 percent, effective Sept. 22, 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-6-25-percent-301630264.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 6.25%, effective Sept. 22, 2022.

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

The new prime lending rate for Webster Financial Corporation will take effect on Sept. 22, 2022.

How does the increase in prime lending rate affect Webster Financial (WBS)?

The increase in the prime lending rate may enhance interest income for Webster Financial, but it could also deter potential borrowers.

What are the main business lines of Webster Financial Corporation (WBS)?

Webster Financial Corporation operates in Commercial Banking, Consumer Banking, and HSA Bank divisions.