First Bank & Trust Boosts Minimum Wage

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March 05, 2018
  • DNR March 2, 2018
 
HARRISONBURG — First Bank & Trust Co. has announced that it will boost its minimum wage to no less than $15 an hour.

In making the announcement Feb. 22, the Abingdon-based financial services company said it’s using 30 percent of its savings from the Tax Cuts and Jobs Act of 2017 that Congress passed in December to up its minimum pay rate for its workers. The legislation reduced the corporate tax rate to 21 percent from 35 percent.

“The new corporate tax rate provides us with the opportunity to take care of our employees, who are our most important asset,” William Hayter, the company’s president and CEO, said in a news release. “By reinvesting in our employees, we are putting money back into the communities we serve and energizing the economy. It’s a win for everyone.”

First Bank & Trust has branches in Harrisonburg and Bridgewater among its 17 in Virginia and also operates a loan-production office in Woodstock.

— Vic Bradshaw