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2 Banks Cut Back Raise in Prime Rate

October 20, 1987|United Press International

NEW YORK — Two of the nation's largest banks, Chemical Bank and Marine Midland Bank, who for three days stood alone with a prime lending rate of 9.75%, today pulled back and dropped the key rate back to 9.25%.

The 9.25% rate, effective immediately, now is back in line with the rest of the banking industry, which refused to follow the hike of last week.

Chemical Bank last Thursday broke ranks with the major money center banks and raised its prime lending rate to 9.75% from 9.25%.

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