SI Financial Group, Inc. Increases Wages and Dividend
January 24 2018 - 4:02PM
SI Financial Group, Inc. (the “Company”) (NASDAQ:SIFI), the parent
of Savings Institute Bank and Trust Company (the “Bank”), announced
plans to raise minimum wages for approximately 25% of the Bank’s
workforce as a result of the enactment of the new federal tax
reform legislation.
In addition, the Board of Directors declared a cash dividend of
$0.06 per share on the Company’s outstanding shares of common
stock, representing a 20% increase over the prior quarter.
The dividend will be paid on February 26, 2018 to stockholders of
record as of the close of business on February 5, 2018.
“We look forward to the economic growth and positive impact on
capital investment that should result from the new tax reform
legislation. The tax savings we will recognize allows us to
increase the hourly wages for a substantial portion of our
employees, along with increasing our cash dividend to
shareholders. In keeping with the spirit and intent of the
revised tax code, we appreciate the opportunity to pass along a
portion of the tax savings to those employees who find themselves
at the lower end of the pay scale. Additionally, we are
pleased to distribute a portion of the tax savings to our
shareholders in the form of a higher quarterly dividend,” stated
Rheo Brouillard, President and Chief Executive Officer.
SI Financial Group, Inc. is the holding company for Savings
Institute Bank and Trust Company. Established in 1842,
Savings Institute Bank & Trust Company is a community-oriented
financial institution headquartered in Willimantic,
Connecticut.
CONTACT:Catherine R PomerleauExecutive
Assistant / Investor Relations AdministratorPhone: (860)
456-6514 / Email: investorrelations@banksi.com
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