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Bank of America Raises Prime Lending Rate
SB Informer
Thursday, May 11, 2006; 04:06 AM
CHARLOTTE, N.C. - Bank
of America, N.A., announced today that it is raising its prime-lending
rate to 8.00 percent from 7.75 percent, effective May 10, 2006. (In some Bank of America loan documentation, the term "reference
rate" has been used to refer to this lending rate. The terms "prime
rate" and "reference rate" refer to the same rate.) Bank of America is one of the world's largest financial
institutions, serving individual consumers, small and middle market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk-management
products and services. The company provides unmatched convenience in
the United States, serving more than 54 million consumer and small
business relationships with more than 5,700 retail banking offices,
more than 16,700 ATMs and award-winning online banking with more than
19 million active users. Bank of America is the No. 1 overall Small
Business Administration (SBA) lender in the United States and the No. 1
SBA lender to minority-owned small businesses. The company serves
clients in 175 countries and has relationships with 98 percent of the
U.S. Fortune 500 companies and 79 percent of the Global Fortune 500.
Bank of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
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