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FleetBoston lowers prime rate
By Boston.com Staff, 12/12/01
BOSTON - FleetBoston Financial announced yesterday that it is lowering its bank prime lending rate from 5 percent to 4.75 percent.
The move came after the Federal Reserve cut its short-term interest rates by a quarter percentage point yesterday, the 11th reduction this year.
FleetBoston Financial, which has its headquarters in Boston, is the seventh-largest financial holding company in the United States with 20 million customers in more than 20 countries and territories.
The announcement came after the market closed yesterday. Fleet stock, on the New York Stock Exchange as NFB, was unchanged in trading yesterday at 37.03.
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