LincolnWay Community Bank announced plans to award a one-time $1,500 bonus to most of its employees on Tuesday.
"We are pleased to be able to provide this additional reward to our employees for continuing to deliver outstanding service to our customers", said LincolnWay Community Bank President Mark Stevens. "This investment in our employees was made possible by the new tax reform law."
LincolnWay Community Bank currently has 33 permanent employees at three branches in New Lenox, Mokena and Chicago who are eligible to receive the tax reform bonus.
“Approximately 85 percent of our employee base, from the most junior and up, will get this bonus,” Stevens said. “Like most financial institutions, excluding credit unions which don’t pay federal taxes, LincolnWay Community Bank will benefit from the new tax structure.”
As a result of passage of the tax reform law, the corporate tax rate is reduced from 35 percent to 21 percent. Many banks, such as LincolnWay Community Bank, are investing resources previously devoted to federal taxes to directly benefit their employees.
“It makes perfect sense for us to pass the Bank’s tax savings on to the people who have enabled LincolnWay Community Bank to grow from one location to three full-service locations in less than 13 years,” Stevens said. “To our customers, these employees are the face of LincolnWay Community Bank.”
LincolnWay Community Bank is a locally owned and managed community bank headquartered in New Lenox. It operates full-service branches in New Lenox, Mokena and on Chicago’s north side.