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 aba.com/EnergizingTheEconomy 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.

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About Author

Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and vice president for publications at the American Bankers Association.