Banks Continue Post-Tax Reform Bonuses, Wage Hikes

With banks of all sizes continuing to announce post-tax reform initiatives to share savings with customers, employees and communities, the American Bankers Association is refreshing daily its page at documenting these efforts. The page helps the public and policymakers understand the real-world effects of the historic tax reform bill.

Other additions have been announced in recent days:

  • Regional bank and card issuer Capital One, based in McLean, Va., raised is U.S.-wide minimum wage to $15 per hour.
  • Camden, Maine-based Camden National Bank announced a $1,000 bonus for full-time employees, a $750 bonus for part-timers and new funding both for customer-focused technology upgrades and for its community giving.
  • First Financial Bancorp, Cincinnati, announced a new $15 per hour minimum wage and made an additional $3 million contribution to its charitable foundation.
  • Peoples Bank in Bellingham, Wash., also announced a $15 per hour minimum wage and raised its 401(k) match one percentage point to 8 percent.
  • Bank of Advance in Advance, Mo., paid $1,000 bonuses to all staff.
  • Geneva, Neb.-based Heartland Bank paid a $1,000 bonus to full-time, non-executive employees and a $500 bonus to part-timers.
  • American Community Bank and Trust in Woodstock, Ill., provided $500 to each employee and announced additional hiring plans.

ABA is promoting the page on post-tax reform initiatives with digital ads in the popular Axios PM newsletter this week and will continue to share updates as they come in.