Take it to the bank
Lee
By MARC STEWART
Staff Writer
Employees of INB, a regional independent community bank, are expected to benefit from President Donald Trump’s sweeping tax reform.
INB announced Friday it will give $500 bonuses to its 200 employees and raise its minimum wage to $15 an hour effective Monday. The bank will also adjust other employee wages for those making more than $15 an hour — impacting about one third of the company’s workforce.
“I’ve already received a number of emails from employees and they are very grateful,” said INB CEO Russ Lee. “Our employees work hard and they deserve this. It’s something we’ve wanted to do for a while. The tax reform provided us a great opportunity to finally do it.”
An email to Lee from Spirit Lake teller Paige Miller-Sanchez said:
“I am so thankful for the pay raise that has been given. It’s greatly appreciated. I can’t tell you enough. The wage increase is a huge difference and I’m sure so many others are just ecstatic about it as well. I love INB.”
Historically, INB’s parent company, Northwest Bancorp, has paid the maximum tax rate so it expects a tax cut of approximately 14 percent. The new tax reform law reduces the maximum tax rate for corporations from 35 percent to 21 percent.
INB acquired Bank of Fairfield in 2015 and CenterPointe Community Bank in 2017, expanding their geographic footprint. The tax relief is also expected to help with further growth, technology investments, and added benefits to employees.
“At INB, we’ve grown and expanded significantly over the past 18 months,” Lee said. “Our employees are one of our greatest assets and we value their contributions in serving our customers and communities throughout the Pacific Northwest. As the company and shareholders benefit, we want each of our employees to benefit as well.”
INB’s senior management team is excluded from the bonuses.
Lee added that while the long-term impacts of the new tax law are still evolving, it was important for INB’s senior management team and board of directors to reward its employees now.