No. 4 U.S. Bank Cuts Prime Rate

NEW YORK — Manufacturers Hanover Trust, the nation’s fourth-largest bank, today sliced its prime lending rate to 10 1/2% from 10 3/4% effective Jan. 15.

Manufacturers Hanover, the first major bank to move its prime down to the 10 1/2% level, made the move in response to a sharp drop in the cost of its money.