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.
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