Valley bank credits GOP tax cuts for employee bonuses
Employees of F&M Bank were surprised on Tuesday to learn they would receive a bonus, which the institution attributes to additional earnings expected as a result of the GOP tax plan.
"This is an opportunity we haven't seen during my career, as far as cuts in corporate tax rates," said Executive Vice President Neil Hayslett. "Rather than just banking all that, so to speak, we wanted to share it with the employees."
The GOP tax plan cut the corporate tax rate from 35 percent to 21 percent.
Those who work more than 30 hours a week were given a one-time bonus of $1,100 and those who work less were handed $750.
The Timberville-based bank also announced a special dividend to shareholders and the formation of a community fund. During a scheduled training session, the company awarded $250,000 to three community foundations.
Altogether, Hayslett said $1.1 million was given out.
"The fact that we're a 110-year-old bank, $1.1 million was kind of a way of nodding to say thanks for making us successful for that long as a community bank in this market," he said.