FRANKLIN — Franklin Savings Bank recently changed its salary administration program, increasing the minimum wage for all employees to $15 an hour.  The change became effective Oct. 1 at the beginning of the bank’s fiscal year. 

“I am honored to work with such an amazing and talented team at Franklin Savings Bank. This increase to our starting wage reaffirms our commitment to attracting and retaining the industry’s best,” said Ron Magoon, president and chief executive officer. “We are in a highly competitive environment, so it is important that our salary and benefit programs continue to evolve to meet the needs of our staff. In order to remain successful, we need to retain the best people as well as attract talented individuals who will share our passion for providing our customers with outstanding service.”

In addition to the increase in starting wage, the bank invests in its employees by offering a benefits package that includes a bank-funded pension plan, tuition assistance and reimbursement, 401(k) plan with contributions by the bank, time off, employee-directed volunteer time, gym membership reimbursement, and life and medical insurance.

Magoon continued, “Our success has been, and always will be, dependent upon our people.”

FSB employs 128 employees, more than a third of whom have been with the company more than 10 years. 

For more information about Franklin Savings Bank, visit, or follow the bank on Facebook, LinkedIn, Twitter and YouTube.

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