Wednesday, October 8, 2008

Wachovia Corporation Lowers Prime Rate

PRNewswire-FirstCall/ -- Effective today, Wachovia Corporation (NYSE:WB) lowered its prime interest rate to 4.50 percent from 5 percent at Wachovia Bank, National Association, and all of its other banking subsidiaries.

The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. It is one of several interest rate bases used by Wachovia, which lends at interest rates above and below the prime rate. The prime rate last changed on Apr. 30, 2008.

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