Additional Announcements of Post-Tax Reform Bank Actions

More announcements of bank actions in response to the tax reform bill — including wage increases, bonuses, community investments and customer experience enhancements — continue to roll in. Most recently:

  • Pittsburgh-based F.N.B. Corporation said it would raise its minimum wage to $15 per hour by the end of 2019 and make an additional one-time 401(k) contribution to eligible employees.
  • Synovus Financial Corporation in Columbus, Ga., said it would give a $1,000 bonus to all full-time and part-time non-executive employees.
  • Seattle’s HomeStreet Bank raised its minimum wage to $15 per hour in all markets effective Jan. 1.
  • Kish Bancorp in State College, Pa., paid a $1,000 bonus to full-time employees and $500 to part-time employees and announced additional investments of $10 million over the next three years, including a new technology, operations and customer service center to enhance the customer experience.
  • First Bank and Trust Company in Abingdon, Va., said it would give back 30 percent of its tax savings to employees by raising its minimum wage to $15 per hour.
  • Johnstown, Pa.-based 1st Summit Bank provided a $1,000 bonus to all full-time employees on top of 2017 year-end bonuses, raised its salary ranges and increased its charitable giving budget by 10 percent.

The American Bankers Association continues to post news about these actions at aba.com/EnergizingTheEconomy. The association also has a wide range of news, information and banker resources on the new tax law at aba.com/TaxReform.