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SEATTLE, Feb. 09, 2018 -- 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 Robb
Marketing Director
(206) 448-0884 ext. 202
