Tampa Bay banks shared their thoughts on the rising prime interest rates on March 30, 2022, as reported by the Tampa Bay Times.
David Mastrorio, Executive Vice President and Chief Lending Officer at First Citrus Bank, shared, “At one point there was a lot of talk about the Fed raising it half a point instead of a quarter point. So the market at one point basically factored in that that was going to happen, and it didn’t happen — it was actually less. So I don’t think just one rate increase or maybe even a couple of rate increases will have that significant of an impact.”
Mastrorio has noticed that some businesses are using this time to invest in real estate and infrastructure. He states, “A lot of what we’re looking at is businesses expanding — a lot of loans to acquire new property or to build a new facility to continue to allow for the expansion of their business.”
Read the complete article, Interest rates are up and rising. Here’s what Tampa Bay banks see coming, on The Tampa Bay Times.