ADAMS, MA – January 25, 2018 – Adams Community Bank today announced investments in its employees, customers, and the Berkshire community following the recent passage of federal tax reform legislation.
These investments include:
- Paying a special one-time bonus of $1,000 to full time employees, and $500 to part time employees. This initiative is focused on those employees making below a certain compensation threshold.
- Increasing base pay by $1 per hour for regular non-officer employees making below a certain compensation threshold.
- Raising our minimum wage to $13.25.
- Reducing the employee’s share of medical and dental insurance premiums from 30% to 20%, for all bank employees who are not officers.
- Increasing interest rates on customer deposit products beginning in January.
In addition, during 2018 Adams Community Bank will be upgrading our website, ATM’s and streamlining account-opening processes.
Finally, the Bank anticipates having more money to use for our long-standing goal of donating 10% of net income each year to local charitable and non-profit initiatives.
“The recent change to the Federal tax law offered a unique opportunity to assess how we can use this savings to improve our community,” said Charles O’Brien, President and CEO. “The bank will benefit from the lowering of corporate tax rates and as a true community bank headquartered in the Berkshires we would like to pass along these savings right here at home by investing in our staff, our customers, and the local community. These initiatives will put more money into the pockets of our employees, our customers, and the local non-profit community which will serve to benefit the Berkshire economy. We are thrilled that more than 80% of our staff will be positively impacted by these changes. In addition we are planning to add to our staff during 2018 by hiring several employees to better serve our growing customer base.”
O’Brien also noted “these compensation changes are in addition to the full complement of benefits the bank offers including an existing incentive plan for all staff, our pension and 401(K) plans, life insurance, tuition reimbursement, employee wellness, and more. Some banks have eliminated or scaled back on some of these benefits but we strive to attract the most talented staff. Our entire salary and benefit package is the most competitive offered by any community bank within Berkshire County.”
Adams Community Bank is an independent, community savings bank located in the Berkshires of western Massachusetts and headquartered in Adams, MA. Adams Community Bank’s savings bank charter was incorporated in 1869 and the institution has approximately $530 million in assets. Adams Community Bank has eight locations in the region. They are in: Adams, Cheshire, Lanesboro, Lee, Lenox, North Adams and Williamstown. Member FDIC. Member DIF. Equal Housing Lender.