KEYCORP LOWERS ITS PRIME LENDING RATE TO 8.00 PERCENT

Rhea-AI Summary

KeyCorp (NYSE: KEY) and its banking affiliates have announced a reduction in their prime lending rate from 8.50% to 8.00%, effective September 19, 2024. This decision reflects changes in the financial market and could impact various lending products tied to the prime rate. KeyCorp, headquartered in Cleveland, Ohio, is a major bank-based financial services company with assets of approximately $187 billion as of June 30, 2024. The company operates under the name KeyBank National Association, serving individuals and businesses across 15 states through a network of about 1,000 branches and 1,200 ATMs. KeyCorp also offers corporate and investment banking services under the KeyBanc Capital Markets brand.

Positive

• Reduction in prime lending rate could attract more borrowers
• Extensive network of 1,000 branches and 1,200 ATMs across 15 states
• Diversified services including retail banking and corporate investment banking

Negative

• Lower prime rate may reduce interest income on variable-rate loans
• Potential pressure on net interest margin due to rate reduction

CLEVELAND, Sept. 18, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) and its banking affiliates have lowered their prime lending rate to 8.00 percent from 8.50 percent, effective tomorrow, Sept. 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 $187 billion at June 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 Member FDIC. 

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SOURCE KeyCorp

FAQ

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

KeyCorp's new prime lending rate is 8.00%, reduced from 8.50%, effective September 19, 2024.

How many branches and ATMs does KeyBank (KEY) operate?

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

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

KeyCorp's total assets were approximately $187 billion as of June 30, 2024.

In which year was KeyCorp (KEY) founded?

KeyCorp's roots trace back nearly 200 years to Albany, New York, suggesting it was founded around the early 1820s.