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Tampa Bay-Lakeland
Business Observer Thursday, Mar. 27, 2014 5 years ago

C1 Bank institutes living wage

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The bank has set a minimum wage of $14 per hour for its permanent, full-time employees.

ST. PETERSBURG — C1 Bank announced it has established a living wage for its permanent, full-time employees of $14 per hour. In a statement, the bank says the company's new minimum wage will increase the rate of pay for 27 of its 217 employees.

A living wage is defined as the wage needed to meet minimum standards of living within a particular community. The company's minimum wage is nearly double Florida's minimum wage of $7.93 per hour. The increases will range from 1% to 30% and will go into effect April 1, the bank says.

“By instituting a living wage we can lead the marketplace in attracting and retaining the most qualified team members,” CEO Trevor Burgess says in the statement. “This quarter will mark our 16th consecutive quarter of profit and we have a responsibility, to the community, to pay a fair living wage to all our employees.”

Based in St. Petersburg, C1 Bank has 27 locations across Florida. It is one of the fastest-growing banks in Florida.

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