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HARRIS BANKCORP INTRODUCES NEW SMALL BUSINESS LENDING RATE; BANK LAUNCHES A TWO-YEAR INITIATIVE

 CHICAGO, Jan. 13 /PRNewswire/ -- Harris Trust and Savings Bank and its community banks today introduced a new Small Business Lending Rate, in effect a new "prime rate" for small business, which will track one- half percent below the Wall Street Journal prime until at least Jan. 31, 1996. The Harris Small Business Lending Rate today is 5.50 percent, while the Wall Street Journal prime is at 6.0 percent.
 In introducing the new Harris Small Business Lending Rate, Harris Chief Executive Officer Alan G. McNally stressed the bank's intent to support and aggressively compete for small business.
 "We are committed to small business and our new small business lending rate underscores that commitment. For at least the next two years -- until 1996 -- small business owners can reduce their cost of borrowing by banking at the Harris," McNally said. "The Harris has become increasingly active in the small business market. We expect our new small business lending rate to build on this momentum."
 The rate applies to our current and new commercial borrowers with total credit facilities of $500,000 or less. Qualifying commercial borrowers include corporations, partnerships, sole proprietorships and individuals with business purpose loans.
 "Small businesses who bank at the Harris can count on a small business lending rate -- just for them -- that tracks one-half percent below the Wall Street Journal prime until at least 1996," McNally said. "Small business is an important engine of economic growth and job creation in Chicagoland and the Midwest. This rate is good for small business and it's good for the economy."
 Harris first began offering a prime lending rate lower than the Wall Street Journal prime in September 1993 when it reduced its Harris prime to 5.75 percent and further reduced it to 5.50 percent in October. The Harris prime rate, at 5.50 percent today, has been lower than the current Wall Street Journal prime rate of 6.0 percent for 118 days.
 -0- 1/13/94
 /CONTACT: Mary Ullrich, 312-461-6905, or Pam Kassner, 312-461-6625, both of Harris Bank/


CO: Harris Bankcorp ST: Illinois IN: FIN SU:

PS -- NY029 -- 1732 01/13/94 09:54 EST
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Publication:PR Newswire
Date:Jan 13, 1994
Words:358
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