Webster Raises Prime Lending Rate to 7.50 Percent

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) announced an increase in its prime lending rate from 7.00% to 7.50%, effective December 15, 2022. The company, headquartered in Stamford, CT, is a significant player in the Northeast banking sector, offering a variety of financial services through its banking and HSA divisions. With $69.1 billion in assets, the institution focuses on Commercial and Consumer Banking, as well as employee benefits solutions. This rate hike reflects the current economic landscape and may impact lending dynamics for customers.

Positive

• None.

Negative

• Increased lending rates may deter borrowers and impact loan demand.
• Higher rates could potentially lead to increased default risk among customers.

STAMFORD, Conn., Dec. 14, 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 7.50 percent from 7.00 percent, effective Dec. 15, 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-7-50-percent-301703446.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 7.50%, effective December 15, 2022.

When did Webster Financial Corporation announce the change in prime lending rate?

Webster Financial Corporation announced the change in prime lending rate on December 14, 2022.

How might the prime rate increase affect Webster Financial Corporation (WBS)?

The prime rate increase may deter borrowers, potentially leading to a reduction in loan demand and an increase in default risk.

What financial services does Webster Financial Corporation (WBS) provide?

Webster Financial Corporation provides various financial services including Commercial Banking, Consumer Banking, and HSA Bank employee benefits solutions.