Associated Banc-Corp Decreases Prime Rate

Rhea-AI Summary

Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 7.75% to 7.50%, effective December 19, 2024. This adjustment affects Associated Bank, N.A., the company's banking subsidiary.

Positive

• Prime rate reduction of 0.25% could increase loan demand and borrowing activity
• Lower interest rates may improve loan affordability for customers

Negative

• Lower prime rate could reduce interest income and net interest margin
• Potential decrease in profit margins from lending activities

GREEN BAY, Wis., Dec. 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 7.75% percent to 7.50% percent, effective December 19, 2024.   

ABOUT ASSOCIATED BANC-CORP   
Associated Banc-Corp (NYSE: ASB) has total assets of $42 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 nearly 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.

Media Contact: Andrea Kozek
VP/Senior Manager, Public Relations
920-491-7518

View original content:https://www.prnewswire.com/news-releases/associated-banc-corp-decreases-prime-rate-302335481.html

SOURCE Associated Banc-Corp

FAQ

What is Associated Banc-Corp's (ASB) new prime rate as of December 19, 2024?

Associated Banc-Corp's new prime rate is 7.50%, decreased from 7.75%, effective December 19, 2024.

How much did Associated Banc-Corp (ASB) reduce its prime rate in December 2024?

Associated Banc-Corp reduced its prime rate by 25 basis points (0.25%), from 7.75% to 7.50%.

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

The prime rate decrease will take effect on December 19, 2024.

How will ASB's prime rate decrease affect borrowers?

The prime rate decrease will likely result in lower interest rates for borrowers with variable-rate loans tied to Associated Bank's prime rate.

What impact will the prime rate reduction have on ASB's lending business?

The prime rate reduction could stimulate loan demand by making borrowing more affordable, but may also reduce the bank's interest income and lending margins.