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.