Webster Raises Prime Lending Rate to 7.75 Percent

Webster Financial Corporation (NYSE: WBS) announced an increase in its prime lending rate, rising from 7.50% to 7.75%, effective February 2, 2023.

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) announced an increase in its prime lending rate, rising from 7.50% to 7.75%, effective February 2, 2023. This decision reflects the company's ongoing efforts to adapt to changing economic conditions and could impact borrowing costs for consumers and businesses. With over $71 billion in assets, Webster is a leading commercial bank in the Northeast, providing diverse financial solutions through its various divisions, including the significant HSA Bank.

For more information on Webster's operations and financial performance, visit their website.

Positive

• Increase in prime lending rate to 7.75%, signaling potential for higher interest income.
• Company holds over $71 billion in assets, indicating strong financial health.

Negative

• None.

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News Market Reaction – WBS

In the trading session that priced this news, WBS gained 1.49%, reflecting a mild positive market reaction.

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STAMFORD, Conn., Feb. 1, 2023 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, announced today that it has raised its prime lending rate to 7.75 percent from 7.50 percent, effective Feb. 02, 2023.

About Webster
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, National Association and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with over $71 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Media Contact:
Alice Ferreira, 203-578-2610 
acferreira@websterbank.com

Investor Contact:
Emlen Harmon, 212-309-7646
eharmon@websterbank.com

View original content:https://www.prnewswire.com/news-releases/webster-raises-prime-lending-rate-to-7-75-percent-301736734.html

SOURCE Webster Financial Corporation

FAQ

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

What is Webster Financial Corporation's new prime lending rate as of February 2023?

Webster Financial Corporation's new prime lending rate is 7.75%, effective February 2, 2023.

How does the increase in prime lending rate affect Webster Financial Corporation (WBS)?

The increase in prime lending rate can lead to higher interest income for Webster Financial Corporation, impacting its profitability positively.

When did Webster Financial Corporation announce the increase in its prime lending rate?

The increase in prime lending rate was announced on February 1, 2023.

What is the significance of the prime lending rate increase for Webster Financial Corporation's customers?

The increase in prime lending rate may raise borrowing costs for consumers and businesses, affecting loan affordability.