BANKING
From Times Staff and Wire Reports
Michigan Bank Slashes Prime Rate to 6%: The National Bank of Royal Oak in Michigan, which has become an interest-rate bellwether, slashed its prime from 6.5%. The new rate, effective today, affects new loans made to the small bank’s best business and commercial customers. Typically, shifts in the prime also affect other variable-rate loans. Most of the nation’s major banks currently post a prime rate of 6.5%, although Chemical Bank Corp. in New York cut its rate to 6.25% in April.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.