ATLANTA, Oct. 30, 2019 /PRNewswire/ -- Following the Federal Reserve's announcement to lower the Federal Funds rate, SunTrust Bank announced today it has lowered its prime lending rate to 4.75% from 5.00%, effective October 31, 2019. 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 September 19, 2019.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. 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 September 30, 2019, SunTrust had total assets of $227 billion and total deposits of $168 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
SOURCE SunTrust Banks, Inc.