[Video] First Financial Northwest gives back to employees after tax reform

Announces $1,000 bonus for all non-executive employees

Tuesday, First Financial Northwest, the holding company for First Financial Northwest Bank, became the latest bank to report it is giving back to its employees after tax reform passed.

Late last month, after President Donald Trump signed the tax reform bill into law, several large financial institutions announced that they planned to raise employee wages and make other investments thanks to the law reducing the corporate tax rate down from 35% to 21%.

Included among that list are BB&T Corp., Bank of AmericaPNC Financial ServicesWells FargoFifth Third Bancorp, and U.S. Bank.

First Financial Northwest announced it has given all of its non-executive employees a $1,000 after-tax bonus, regardless of their role or tenure with the company.

The company announced this bonus is in response to the signing of the Tax Cuts and Jobs Act of 2017 in order to share the tax cut with its 138 non-executive employees.

“Our employees drive the success of our company, delivering unique, innovative solutions to our customers and building long-term banking relationships in our communities,” President and CEO Joseph Kiley wrote in a note to employees. “We pride ourselves on providing excellent benefits, competitive salaries and the opportunity for participation in the company's long-term success. The expected tax savings give us an opportunity to invest even more in our team.”

While other banks increased their minimum wage to $15 per hour after tax reform was passed, First Financial Northwest explained its company already has a minimum wage of $15 per hour.

Most Popular Articles

CFPB to consider changing or eliminating TRID rule

The CFPB has been taking a long, hard look at some of its rules and regulations. Next up on its list to review is TRID, and it looks like eliminating the rule entirely is not off the table.

Nov 20, 2019 By

Latest Articles

Americans are staying put in record numbers

The share of people who moved in the 12 months through March fell to the lowest level on record, adding to the woes of a housing market plagued by supply shortages.

Nov 21, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please