Summit State Bank on Dec. 29 announced its plan to give $2,000 to each of its non-executive employees in January 2018 as a windfall derived from the Trump Administration’s tax-law revamp signed by the president on Dec. 22.
Part of the tax-reform legislation will reduce corporate taxation from 35 percent to 20 percent.
“Our Board of Directors recognize the beneficial nature that the corporate tax-rate decrease will have on our bank,” said Allan Hemphill, chairman of the board of Summit State Bank, “and decided that our employees should directly benefit from the legislation.”
The bank has 78 employees in Sonoma County.
“This is a great gesture from our board,” said Jim Brush, the bank’s president and CEO.
As of Sept. 30, Summit State Bank had total assets of $539 million and total equity of $60 million. Its stock is traded on the Nasdaq Global Market. The bank has its headquarters in Santa Rosa and serves many small businesses and nonprofits in the North Bay.
James Dunn covers technology, biotech, law, the food industry, and banking and finance. Reach him at: firstname.lastname@example.org or 707-521-4257