Equitable Bank raises prime lending rate to 4.70 percent
Equitable Bank and its subsidiary, Concentra Bank, have increased their prime lending rate by 25 basis points to 4.70%.
Equitable Bank has announced an increase to its prime lending rate, moving the benchmark from 4.45% to 4.70%. The move represents a 25 basis point hike, affecting the bank's lending portfolio. Concentra Bank, a wholly owned subsidiary of Equitable Bank, has implemented the same rate adjustment.
The adjustment is part of the financial sector's ongoing response to shifting monetary conditions. Prime rates generally serve as a reference point for various variable-rate loans, meaning that borrowers tied to this benchmark will see an immediate increase in interest expenses.
The new rate is effective immediately. Borrowers with loans linked to the prime rate are advised to review their repayment schedules to account for the increased cost of borrowing.