BANKS
From Times Staff and Wire Reports
Michigan Bank Cuts Prime Rate: A small Michigan bank cut its prime lending rate a quarter point to 8.25%, a move that could presage similar cuts by other U.S. banks. The National Bank of Royal Oak in suburban Detroit announced the rate cut effective today. If other U.S. banks join in, it would mark the prime’s lowest level since Sept. 4, 1987. The move by such a small bank normally would have little significance, except that it comes amid great anticipation that the Federal Reserve may lower interest rates.
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