Webster Raises Prime Lending Rate to 7.00 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) has announced an increase in its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This decision reflects the company's strategic adjustments in response to market conditions. Webster, headquartered in Stamford, CT, operates with $69.1 billion in assets and offers a range of financial solutions through its Commercial Banking, Consumer Banking, and HSA Bank divisions. The increase in the prime rate indicates a potential shift in borrowing costs for consumers and businesses at a time of economic fluctuations.

Positive

• Webster's prime lending rate increase may enhance interest income.
• The company's diverse financial solutions cater to a broad customer base.

Negative

• Higher lending rates could deter borrowing among consumers and businesses.

STAMFORD, Conn., Nov. 2, 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 7.00 percent from 6.25 percent, effective Nov. 3, 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 $69.1 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-7-00-percent-301666811.html

SOURCE Webster Financial Corporation

FAQ

What is Webster Financial Corporation's new prime lending rate?

Webster Financial Corporation's new prime lending rate is 7.00%, increased from 6.25%.

When did Webster Financial Corporation raise its prime lending rate?

Webster Financial Corporation raised its prime lending rate effective November 3, 2022.

What are the implications of the prime lending rate increase for Webster Financial Corporation?

The increase in prime lending rate may enhance Webster's interest income but could reduce borrowing demand.

How does the prime lending rate impact WBS investors?

For WBS investors, the increase in the prime lending rate could indicate higher potential revenue but may also pose risks if borrowing slows.