Franklin Savings Bank to give employees $1,000 bonus; cites new tax reform

FRANKLIN — Franklin Savings Bank will use a portion of its tax savings to provide employees with a special bonus in recognition of their contribution to the continued success of the bank. FSB will benefit from the reduction in corporate tax rates, and has chosen to share the savings with its employees. All employees will receive a $1,000 bonus.

“Our employees consistently go ‘above and beyond’ for our customers and the communities we serve,” said Ron Magoon, president and CEO. “This bonus is another opportunity to thank them for their outstanding commitment, dedication and service.”

After 30 years since the last major tax overhaul, a historic tax reform package was passed by Congress and signed into law by President Trump on Dec. 22, 2017. The new tax code brings with it many changes, including lower individual and business tax rates. It is expected that these lower tax rates will allow companies to invest more in their businesses, which will stimulate job growth and continued economic expansion.

Magoon continued: “We take great pride in offering our employees a competitive compensation and benefits package, and strive to be an employer of choice. We continually look for opportunities to demonstrate the appreciation we have for our staff as they are truly the key to our success.”