HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 7.75 PERCENT

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Rhea-AI Summary

Huntington Bancshares Incorporated (NASDAQ: HBAN) has announced an increase in its prime rate from 7.5% to 7.75%, effective February 2, 2023. This change follows a previous adjustment made on December 15, 2022, when the rate was raised to 7.5% from 7%. Huntington, a regional bank holding company headquartered in Columbus, Ohio, manages $183 billion in assets and operates over 1,000 branches across 11 states. The increase in the prime rate is significant as it reflects broader economic trends and could impact borrowing costs for consumers and businesses.

Positive

Prime rate increase to 7.75% indicates potential for higher interest income.
Strong asset base of $183 billion supports company stability.

Negative

Increased borrowing costs may deter consumers and businesses from taking loans.

News Market Reaction – HBAN

+1.84%

+1.84% Session move

In the trading session that priced this news, HBAN gained 1.84%, reflecting a mild 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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02/02/2023 - 08:30 AM

COLUMBUS, Ohio, Feb. 2, 2023 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is increasing to 7.75 percent from 7.5 percent, effective February 2, 2023.

The rate was last changed on December 15, 2022, when Huntington increased it to 7.5 percent from 7 percent.

About Huntington

Huntington Bancshares Incorporated is a $183 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 more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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SOURCE Huntington Bancshares Inc.

FAQ

What is the new prime rate for Huntington Bancshares as of February 2, 2023?

The new prime rate for Huntington Bancshares is 7.75%, effective February 2, 2023.

When was the last change to the prime rate before February 2, 2023?

The last change to the prime rate was on December 15, 2022, when it increased to 7.5% from 7%.

How does the new prime rate affect borrowers?

The increase in the prime rate may lead to higher borrowing costs for consumers and businesses.

What company announced the increase to its prime rate?

Huntington Bancshares Incorporated announced the increase to its prime rate.

What assets does Huntington Bancshares manage?

Huntington Bancshares manages approximately $183 billion in assets.