Sanibel Captiva Bank awards employees with bonus or equivalent paid time off.
Whether the 2018 Trump tax reform resulted in a handful of crumbs or a full meal is subject to debate that continues to rage on both ends of the political spectrum.
But for more than 80 Southwest Florida employees, the stimulation has resulted in something they can take to the bank.
And they won’t have to go far to do it.
Although a few months later than other companies gave employee bonuses attributed directly to the tax reform bill, Sanibel Captiva Community Bank recently announced employee bonuses, or the dollar equivalent in paid time off.
The bonus was extended to all rank-and-file employees, but not to the executive management team, according to a statement.
Citing savings realized under the new tax law, the bank’s board of directors awarded employees with the bank prior to Jan. 1 a $1,000 bonus. Those hired after Jan. 1 received bonuses ranging from $250 to $750 on a sliding scale. Among all 87 employees, the average length of service is 5.5 years. Thirty-four employees have been with the bank five or more years; 20 for 10 or more years; and eight since the bank was founded in 2003.
“People are our biggest investment,” says Sanibel Captiva President and CEO Craig Albert in the release. “I can’t emphasize enough how important our people are to our success. They are a big reason why we’ve experienced such tremendous growth over the past 15 years, and we took advantage of an opportunity to reward them accordingly.”
Sanibel Captiva Community Bank has two locations on Sanibel Island and five in Fort Myers, with $415 million in total assets. It is nationally ranked in the top 20 as a best-performing community bank by S&P Global Market Intelligence from among 4,500 banks with assets under $1 billion.