Sound Community Bank Responds to Tax Reform Bill
February 09 2018 - 12:31PM
Responding to H.R. 1, the Tax Cuts and Jobs Act, Sound Community
Bank is set to implement a series of employee and community
benefits in 2018.
At the Annual Employee Meeting on February 3rd, President and
CEO Laurie Stewart unveiled a suite of employee and community
initiatives. These include enhancing employee incentive
compensation, expanding charitable giving and implementing a down
payment assistance program for first time homebuyers.
Stewart reports, “After the tax reform bill was passed in
December, our management team set out to explore how best we could
sustain the benefits of the tax reform bill. While a one-time
employee bonus did not seem sustainable or incredibly impactful, an
increase to the non-executive employee incentive program is a win
for the Bank and the employees. I believe these benefits are
not only meaningful for our staff, but also for the communities
where we live, work and play, and complement our holistic
commitment to sustainability.”
The increase to incentive compensation will allow both back
office and front line employees to increase compensation for
achieving goals.
The increase to charitable contributions will allow the bank to
match employee donations on a sliding scale. For example, the
Bank will match $1.50 for every dollar a non-officer donates.
This means a donation of $100 will become $250 for the charity.
The Bank also plans to implement a down payment assistance loan
program for first time homebuyers, giving them the opportunity to
borrow up to $50,000 at only 1% APY (Annual Percentage Yield) to
assist with down payments.
Sound Community Bank is a Seattle-based community bank,
providing personal and business banking services in King, Pierce,
Snohomish, Jefferson and Clallam Counties, and on the web at
www.soundcb.com. Sound Community Bank is a subsidiary of
Sound Financial Bancorp, Inc. (NASDAQ:SFBC).
For additional information: Media Contact:
Brady RobbMarketing
Director
(206) 448-0884 ext. 202
Sound Financial Bancorp (NASDAQ:SFBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sound Financial Bancorp (NASDAQ:SFBC)
Historical Stock Chart
From Apr 2023 to Apr 2024