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 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:

• 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.