Wachovia Corporation Lowers Prime Rate

/PRNewswire-FirstCall/ -- Effective today, Wachovia Corporation (NYSE:WB) lowered its prime interest rate to 3.25 percent from 4 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 Oct. 29, 2008.

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SunTrust Bank Lowers Prime Rate

PRNewswire-FirstCall/ -- SunTrust Bank announced today it has lowered its prime lending rate to 4.50% from 5.00%, effective October 8, 2008. The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. The prime rate last changed on April 30, 2008.

SunTrust Banks, Inc. (NYSE:STI) , headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2008, SunTrust had total assets of $177.4 billion and total deposits of $119.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com .

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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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