Posted at 12:32 p.m., Tuesday, January 22, 2008
Hawaii banks follow Fed, cut prime rate to 6.5%
Advertiser Staff
Hawaii's two biggest banks announced cuts their prime lending rates to 6.5 percent from 7.25 percent following the Federal Reserve's move to cut a key lending rate.First Hawaiian Bank said its reduction was effective immediately, while Bank of Hawaii's cut will be implemented tomorrow.
The Fed today slashed the federal funds rate by 0.75 percentage point to 3.5 percent in hopes of restoring stability to a faltering U.S. economy.
