BANKING
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From Times Staff and Wire Reports
New Jersey Bank Cuts Prime to 7.75%: First Fidelity Bank Corp., New Jersey’s largest, cut its prime lending rate to 7.75% from 8%. The Lawrenceville-based bank’s move comes amid increasing speculation that the Federal Reserve Board will push interest rates lower to stimulate the economy. The prime is important to consumers because it serves as a benchmark for many retail loans. A number of banks dropped their prime to 8% from 8.5% in mid-September.
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