Huntington Bancshares Incorporated Decreases Its Prime Rate To 8 Percent

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced a decrease in its prime rate from 8.5% to 8%, effective September 19, 2024. This marks the first change in Huntington's prime rate since July 27, 2023, when it was increased from 8.25% to 8.5%. The reduction in the prime rate could potentially impact various financial products and services offered by the bank, including loans and credit lines.

Positive

• Reduction in prime rate from 8.5% to 8%, potentially lowering borrowing costs for customers
• First prime rate decrease since July 2023, indicating a shift in the bank's lending strategy

Negative

• Lower prime rate may potentially reduce the bank's interest income from variable-rate loans

News Market Reaction – HBAN

+2.75%

+2.75% Session move

In the trading session that priced this news, HBAN gained 2.75%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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

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COLUMBUS, Ohio, Sept. 18, 2024 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is decreasing from 8.5 percent to 8 percent, effective September 19, 2024.

Huntington's rate last changed on July 27, 2023, increasing from 8.25 percent to 8.5 percent.

About Huntington
Huntington Bancshares Incorporated is a $196 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 approximately 970 branches in 11 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 Huntington Bancshares' new prime rate as of September 19, 2024?

Huntington Bancshares' new prime rate is 8%, effective September 19, 2024.

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

Huntington Bancshares decreased its prime rate by 0.5 percentage points, from 8.5% to 8%.

When was the last time Huntington Bancshares (HBAN) changed its prime rate before September 2024?

The last time Huntington Bancshares changed its prime rate was on July 27, 2023, when it increased from 8.25% to 8.5%.

What was Huntington Bancshares' (HBAN) prime rate before the September 2024 decrease?

Huntington Bancshares' prime rate before the September 2024 decrease was 8.5%.