Stepping up its year-old small-business push, Glendale Federal Savings Bank is offering loan rates one percentage point above prime to companies that switch accounts from another lender.
The thrift is targeting businesses with $5 million or less of annual revenue and with credit needs of $50,000 to $1 million.
"Compared with other business banking programs, this offer will create a lot of interest," business banking director Terry Hess said in a statement.
Glendale Federal has been wooing small businesses since July 1995. In an interview, Mr. Hess said his thrift, like others, wants to go into business lines that are more profitable than mortgage lending and to become less dependent on certificates of deposit for funding.