Banks Continue Post-Tax Reform Wage Increases, Community Investments

As the new year begins and a historic tax reform law takes effect, banks continue to unveil wage increases, bonuses and increases in charitable contributions.

Minneapolis-based U.S. Bancorp today announced a $1,000 bonus for nearly 60,000 employees, a new minimum wage of $15 per hour for all hourly employees and a $150 million contribution to the U.S. Bank Foundation. The company also said it would enhance employee health insurance offerings and pour more money into improving customers’ mobile and digital experiences.
Dallas-based Comerica also provided a $1,000 bonus for its non-officer employees and boosted its bank-wide minimum wage to $15.
First Financial Northwest, headquartered in Renton, Wash., said it would pay a $1,000 bonus to all of its non-executive employees.
Bank of the James, Lynchburg, Va., raised its minimum wage to $15 per hour for employees with more than one year of service, added vacation days and substantially increased its charitable giving plans for 2018.
First Farmers Bank and Trust in Converse, Ind., said that it would raise its minimum hourly wage by $2.50, provide a 2017 year-end bonus of $750 for all full-time employees, invest at least $250,000 annually in community development activities and spend at least $150,000 per year on employee professional development.

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