Associated Banc-Corp Decreases Prime Rate

Rhea-AI Summary

Associated Banc-Corp (NYSE: ASB), the holding company for Associated Bank, N.A., has announced a decrease in its prime rate from 8.50% to 8.00%. This change will take effect on September 19, 2024. The prime rate is a key benchmark used by banks to set interest rates for various financial products, including loans and credit lines. This reduction in the prime rate could potentially impact the company's lending activities and overall financial performance.

Positive

• Potential increase in loan demand due to lower interest rates
• Possible improvement in borrower repayment capacity

Negative

• Potential decrease in interest income from loans
• Possible reduction in net interest margin

News Market Reaction – ASB

+3.07%

1 alert

+3.07% News Effect

On the day this news was published, ASB gained 3.07%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

GREEN BAY, Wis., Sept. 18, 2024 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB), the holding company for Associated Bank, N.A., announced today it has decreased the bank's prime rate from 8.50 percent to 8.00 percent, effective September 19, 2024.   

ABOUT ASSOCIATED BANC-CORP   
Associated Banc-Corp (NYSE: ASB) has total assets of $41 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

CONTACT:
Andrea Kozek
Andrea.Kozek@AssociatedBank.com

View original content:https://www.prnewswire.com/news-releases/associated-banc-corp-decreases-prime-rate-302252364.html

SOURCE Associated Banc-Corp

FAQ

What is Associated Banc-Corp's new prime rate as of September 19, 2024?

Associated Banc-Corp's new prime rate, effective September 19, 2024, is 8.00%.

How much did Associated Banc-Corp (ASB) decrease its prime rate?

Associated Banc-Corp decreased its prime rate by 0.50 percentage points, from 8.50% to 8.00%.

When will Associated Banc-Corp's (ASB) new prime rate take effect?

The new prime rate of 8.00% will take effect on September 19, 2024.

What was Associated Banc-Corp's (ASB) previous prime rate before the decrease?

Associated Banc-Corp's previous prime rate before the decrease was 8.50%.