KeyCorp Raises Its Prime Lending Rate to 4.00 PERCENT

Rhea-AI Summary

KeyCorp (NYSE: KEY) announced an increase in its prime lending rate from 3.50 percent to 4.00 percent, effective May 5, 2022. This adjustment is significant for the bank's lending operations, as prime rates influence the interest charged on loans. As of March 31, 2022, KeyCorp's assets were approximately $181.2 billion, positioning it as a major player in the U.S. banking sector, serving individuals and businesses across 15 states.

Positive

• Prime lending rate increased to 4.00%, which may boost interest income.
• KeyCorp's total assets are approximately $181.2 billion, highlighting financial stability.

Negative

• None.

CLEVELAND, March 4, 2022 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have raised their prime lending rate to 4.00 percent from 3.50 percent, effective tomorrow, May 5, 2022.

About KeyCorp

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $181.2 billion at March 31, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs.  Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC.

 

 

 

 

 

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SOURCE KeyCorp

FAQ

What is the new prime lending rate for KeyCorp as of May 2022?

The new prime lending rate for KeyCorp is 4.00%, effective May 5, 2022.

How does the prime lending rate increase affect KeyCorp's customers?

The increase in prime lending rate typically raises the interest rates on variable-rate loans for customers.

What were KeyCorp's total assets as of March 2022?

As of March 31, 2022, KeyCorp's total assets were approximately $181.2 billion.

In which states does KeyCorp operate?

KeyCorp provides services in 15 states across the United States.