An adjustable rate advance indexed to the prime rate of interest:

  • Serves as an alternative source of funding for adjustable rate assets.
  • Can assist in the funding of loans indexed to prime (such as home equity loans)
Maturity
1, 2 or 3 years
Rate
Adjustable based upon the consensus prime rate of the top 25 U.S. commercial banks; spread to prime will remain fixed over the entire term to maturity
Accrual Basis
Actual / 360 day basis
Interest is Paid
Monthly
Principal is Paid
At maturity
Principal Prepayment Policy
Prime Rate Advances are not prepayable
Submission of Application
A Prime Rate Advance Application is required for each borrowing.

 

To learn more about our Advance products, contact Jeff Berryman or Lisa Wishart at 800-828-4191.

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