4 More Banks Raise Prime Rate
United Press International
NEW YORK —
Four major banks today joined Chase Manhattan and Citibank in raising their prime lending rate to 7 3/4% from 7 1/2%.
Tuesday’s increase by Chase and Citibank in the prime was the first since June, 1984, when it jumped to 13% from 12 1/2%. The banks joining in the increase, which was the first move in the prime since August, 1986, when the rate fell from 8% to 7 1/2%, included Chemical Bank, Manufacturers Hanover, Irving Trust and Marine Midland.
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