Major banks lower lending rates

SunTrust Banks Inc., Bank of America Corp. and Wachovia Corp. have lowered their prime-lending rates to 5 percent from 5.25 percent.

Other major banks serving Nashville, including Memphis-based First Horizon National Corp. (NYSE: FHN), Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) have announced they will follow suite.

The Federal Reserve cut the federal funds rate 25 basis points to 2 percent due to further weakening of economic activity.

The Federal Reserve's Open Market Committee voted 8-2 to cut the rate as recent information indicates slowing growth in consumer spending as well as some softening in labor markets.

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- Posted: 2008-05-01 08:35:30

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