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Kish Bancorp, headquartered in Belleville and with several banks in Centre County, will give $500 to part-time employees and $1,000 bonuses to full-time employees as part of a one-time bonus.
The decision stems from the company’s growth and the enactment of the Tax Cuts and Jobs Act of 2017, which will provide relief to community banks.
“The Tax Cuts and Jobs Act will be very favorable for banking by reducing corporate income tax rates, stimulating the economy, and providing incentives to invest in infrastructure and employees,” Kish CEO William P. Hayes said.
Sighting an “improved outlook for Kish,” Hayes also said it will expand its 2018 budget for support of community and charitable organizations by a minimum of $50,000, about a 33 percent increase.” The company will also elevate its starting minimum wage for entry-level personnel.
Kish also announced $10 million investments for technology, capital equipment and facilities over the next three years. Plans include a new Technology, Operations, and Customer Service Center to be constructed in Reedsville. The hub will be the work location for 100 employees.