Huntington Bancshares Incorporated Decreases Its Prime Rate To 7.75 Percent

Rhea-AI Summary

Huntington Bancshares (Nasdaq: HBAN) announced a reduction in its prime rate from 8% to 7.75%, effective November 8, 2024. This marks the second recent decrease in the bank's prime rate, following a previous reduction from 8.5% to 8% on September 19, 2024.

Positive

• Second consecutive prime rate reduction indicates potential lower borrowing costs for customers
• Gradual rate decreases (total 0.75% since September) suggest controlled monetary policy adjustment

Negative

• Lower prime rates typically result in reduced net interest margins for banks
• Declining rates may signal reduced profitability from lending operations

News Market Reaction – HBAN

-0.52%

-0.52% Session move

In the trading session that priced this news, HBAN declined 0.52%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

COLUMBUS, Ohio, Nov. 7, 2024 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is decreasing from 8 percent to 7.75 percent, effective November 8, 2024.

Huntington's rate last changed on September 19, 2024, decreasing from 8.5 percent to 8 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/huntington-bancshares-incorporated-decreases-its-prime-rate-to-7-75-percent-302299388.html

SOURCE Huntington National Bank

FAQ

What is Huntington Bancshares' (HBAN) new prime rate as of November 8, 2024?

Huntington Bancshares' prime rate will be 7.75% effective November 8, 2024.

How much did Huntington Bancshares (HBAN) decrease its prime rate in November 2024?

Huntington Bancshares decreased its prime rate by 0.25 percentage points, from 8% to 7.75%.

When was Huntington Bancshares' (HBAN) previous prime rate change?

Huntington Bancshares' previous prime rate change was on September 19, 2024, when it decreased from 8.5% to 8%.

How much has Huntington Bancshares' (HBAN) prime rate decreased since September 2024?

Huntington Bancshares' prime rate has decreased by a total of 0.75 percentage points since September 2024, from 8.5% to 7.75%.