Area Banks Follow Nationals in Cutting Prime Lending Rate
Three of Oklahoma's largest banks trimmed their prime lending rates Monday following the move by the nation's largest banks to lower their prime lending rates half a percentage point to 11 percent.
Citibank, the nation's largest bank, was the first to announce it had lowered its prime lending rate. Several other big banks, including Chase Manhattan Bank, Morgan Guaranty Trust Co., Chemical Bank, Manufacturers Hanover Trust Co. and Bankers Trust Co., quickly followed suit.
Monday's decline was the first drop in the prime rate - used as a base for a variety of other interest rates, including those on consumer loans - since Feb. 2, 1988. On that day, the …
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Publication information:
Article title: Area Banks Follow Nationals in Cutting Prime Lending Rate.
Contributors: Not available.
Newspaper title: THE JOURNAL RECORD.
Publication date: June 6, 1989.
Page number: Not available.
© 2009 THE JOURNAL RECORD.
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