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Cadence Bank Raises Prime Rate

HOUSTON, Dec. 16, 2015 — In response to the Federal Reserve raising its benchmark interest rate, Cadence Bank will increase its prime rate from 3.25 percent to 3.50 percent, effective Dec. 17, 2015.

By a unanimous vote of its governors, the Federal Reserve increased the federal funds rate by a quarter percentage point effective tomorrow to between 0.25 percent and 0.50 percent, an increase from near zero. This is the first time the Fed has raised its rate since December 2008, and emphasized it will likely lift it gradually thereafter in a test of the economy’s capacity to stand on its own with less support from super-easy monetary policy.

“The [Fed] expects economic conditions will evolve in a manner that will warrant only gradual increases in the fed funds rate,” the Fed said in a statement following its two-day meeting. To hammer home this point, officials added in their statement that they anticipated “gradual adjustments” in rates.

About Cadence Bank

Cadence Bank, N.A., based in Birmingham, Ala., is a $5.7 billion bank with more than 100 locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 126 years of financial expertise, Cadence serves commercial and consumer clients with a full range of innovative banking and financial solutions designed to keep pace with their lives. These products and services include commercial and consumer banking, small business banking, treasury management, international banking, specialized lending, commercial real estate, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer loans, mortgages, home equity lines and loans, and credit cards. Cadence Bank and its affiliates, Linscomb & Williams and Cadence Insurance Agency, are wholly owned subsidiaries of Houston-based Cadence Bancorp, LLC. Additional information about Cadence Bank is available at Cadence Bank, N.A. Member FDIC. Equal Housing Lender.

Contact Information: 

Danielle Kernell

Cadence Bank, N.A.
713-871-4051 direct | 713-392-7709 mobile

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