Banks Continue Rolling Out Post-Tax Reform Bonuses, Community Investments

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:

  • First Midwest Bancorp, based in Itasca, Ill., announced a new $15 minimum wage, a $1,035 bonus for nearly 85 percent of its workforce, and a $2 million gift to its charitable foundation.
  • New Orleans-based Gulf Coast Bank and Trust is increasing by 50 percent — to $75,000 — the amount it gives to local nonprofits annually through its Community Rewards public voting program. It also raised its minimum wage to $12 per hour.
  • NexTier Bank in Kittanning, Pa., announced a one-time $1,000 bonus for all employees on top of year-end 2017 bonuses — plus increased professional development opportunities and wage adjustments over the next year.
  • Magnolia, Ark.-based Peoples Bank provided a $500 bonus and contributed $50,000 to its charitable fund.
  • Bank Midwest in Spirit Lake, Iowa, announced $500 bonuses for full-time employees and $250 bonuses for part-timers.
  • Marysville, Kan.-based United Bank and Trust raised hourly and salaried employees’ wages by $100 per month.

ABA will continue to share updates as they come in.