| Hawaii Banks Increase Prime Rate - 11/11/2004
Banks raise prime rates Hawaii's three largest banks were among the first Wednesday to raise their prime lending rate to 5.0 percent, up from 4.75 percent. The new rate went into effect immediately at First Hawaiian Bank. Both Bank of Hawaii and American Savings Bank said the one-quarter-percent increase will take effect Thursday. The change followed the Federal Reserve's announcement Wednesday that it had increased the federal funds rate by one-quarter of a percentage point. The prime rate is the interest rate banks charge their most creditworthy customers, which are usually the most prominent and stable business customers. The rate is almost always the same among major banks.
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