KEYCORP LOWERS ITS PRIME LENDING RATE TO 7.50 PERCENT

KeyCorp (NYSE: KEY) has announced a reduction in its prime lending rate from 7.75% to 7.50%, effective December 19, 2024.

Rhea-AI Summary

KeyCorp (NYSE: KEY) has announced a reduction in its prime lending rate from 7.75% to 7.50%, effective December 19, 2024. The change applies to KeyCorp and its banking affiliates. The company, headquartered in Cleveland, Ohio, operates with assets of approximately $190 billion as of September 30, 2024. KeyBank National Association serves individuals and businesses across 15 states through approximately 1,000 branches and 1,200 ATMs, providing deposit, lending, cash management, and investment services. Additionally, through KeyBanc Capital Markets, the company offers corporate and investment banking products to middle market companies.

Positive

• Prime rate reduction could stimulate lending activity
• Strong asset base of $190 billion
• Extensive network of 1,000 branches and 1,200 ATMs across 15 states

Negative

• Lower prime rate may reduce interest income margins

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CLEVELAND, Dec. 18, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have lowered their prime lending rate to 7.50 percent from 7.75 percent, effective tomorrow, Dec. 19, 2024.

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 $190 billion at September 30, 2024.  

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 1,200 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is KeyCorp's new prime lending rate as of December 19, 2024?

KeyCorp's new prime lending rate is 7.50%, reduced from 7.75%, effective December 19, 2024.

How many branches and ATMs does KeyCorp (KEY) operate as of 2024?

KeyCorp operates approximately 1,000 branches and 1,200 ATMs across 15 states.

What was KeyCorp's (KEY) total asset value as of September 30, 2024?

KeyCorp's total assets were approximately $190 billion as of September 30, 2024.

How much did KeyCorp (KEY) reduce its prime lending rate in December 2024?

KeyCorp reduced its prime lending rate by 0.25 percentage points, from 7.75% to 7.50%.

What banking services does KeyCorp (KEY) offer to its customers?

KeyCorp offers deposit, lending, cash management, and investment services to individuals and businesses, plus corporate and investment banking products through KeyBanc Capital Markets.