HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 8.5 PERCENT

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) announces an increase in its prime rate from 8.25 percent to 8.5 percent, effective July 27, 2023. This marks the second rate increase in 2023, following the change from 8 percent to 8.25 percent on May 4. The company aims to reflect the current economic conditions and maintain profitability.

Positive

• The increase in the prime rate indicates the company's confidence in the economy's strength and its ability to generate higher returns on lending. This move may lead to improved net interest income for Huntington Bancshares, benefiting shareholders and potentially attracting new investors.
• The consecutive rate increases within a short time frame could potentially lead to concerns about the impact on consumer borrowing and spending, as higher interest rates may reduce the affordability of loans and credit, affecting the overall economy.

Negative

• None.

COLUMBUS, Ohio, July 27, 2023 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is increasing from 8.25 percent to 8.5 percent, effective July 27, 2023.

Huntington's rate last changed on May 4, 2023, increasing from 8 percent to 8.25 percent.

About Huntington
Huntington Bancshares Incorporated is a $189 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 prime rate increase announced by Huntington Bancshares Incorporated (Nasdaq: HBAN)?

Huntington Bancshares Incorporated (Nasdaq: HBAN) announced an increase in its prime rate from 8.25 percent to 8.5 percent, effective July 27, 2023.

When was the last change in Huntington Bancshares' prime rate?

Huntington's prime rate last changed on May 4, 2023, increasing from 8 percent to 8.25 percent.

What is the significance of the prime rate increase for investors?

The increase in the prime rate reflects the company's confidence in the economy and may lead to improved net interest income for Huntington Bancshares, benefiting shareholders and potentially attracting new investors.

How might the prime rate increase impact consumer borrowing and spending?

The consecutive rate increases within a short time frame could potentially lead to concerns about the impact on consumer borrowing and spending, as higher interest rates may reduce the affordability of loans and credit, affecting the overall economy.