Huntington Bancshares Incorporated Decreases Its Prime Rate To 7.5 Percent

Rhea-AI Summary

Huntington Bancshares (Nasdaq: HBAN) has announced a reduction in its prime rate from 7.75% to 7.5%, effective December 19, 2024. This marks the second recent decrease in the bank's prime rate, following a previous reduction from 8% to 7.75% on November 8, 2024.

Positive

• Second consecutive prime rate reduction indicates potential lower borrowing costs for customers
• 25 basis points decrease could help maintain competitive positioning in lending market

Negative

• Lower prime rate may reduce interest income and potential profit margins on loans

COLUMBUS, Ohio, Dec. 18, 2024 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is decreasing from 7.75 percent to 7.5 percent, effective December 19, 2024.

Huntington's rate last changed on November 8, 2024, decreasing from 8 percent to 7.75 percent.

About Huntington
Huntington Bancshares Incorporated is a $201 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates 975 branches in 12 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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SOURCE Huntington National Bank

FAQ

What is HBAN's new prime rate effective December 19, 2024?

Huntington Bancshares' (HBAN) new prime rate will be 7.5%, decreasing from 7.75%, effective December 19, 2024.

How much has HBAN's prime rate decreased since November 2024?

HBAN's prime rate has decreased by a total of 50 basis points since November 2024, from 8% to 7.5%.

When was HBAN's previous prime rate change?

HBAN's previous prime rate change was on November 8, 2024, when it decreased from 8% to 7.75%.

What is the significance of HBAN's prime rate decrease for borrowers?

The prime rate decrease to 7.5% means lower borrowing costs for customers with loans tied to Huntington's prime rate.