ATLANTA, March 21, 2018 /PRNewswire/ -- Following the Federal Reserve's announcement to increase the Federal Funds rate, SunTrust Bank announced today it has increased its prime lending rate to 4.75% from 4.50%, effective March 22, 2018. The prime rate is a benchmark used to set interest rates on various forms of consumer and commercial loans. The prime rate last changed on December 14, 2017.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2017, SunTrust had total assets of $206 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
SOURCE SunTrust Banks, Inc.