BANKING & FINANCE - Sept. 16, 1993
From Times Staff and Wire Reports
Small Banks Cut Prime Lending Rates: Southwest Bank of St. Louis and Central Fidelity Bank of Richmond, Va., which have often been leaders in setting lending rates for the nation’s banks, said they were cutting their prime rates to 5.75% from the current 6%. The Southwest Bank rate cut takes effect today, and the Central Fidelity cut was made Wednesday, the banks said. The prime rate is the interest rate banks charge their commercial customers; the rate serves as a benchmark for other short-term consumer lending rates, including credit cards. The cuts have not been matched by the nation’s leading lending institutions.
