A third local bank announced Wednesday it will give its employees bonuses ranging from $1,000-$1,500 because of the recent federal tax cuts passed by Congress.
Mid America Bank plans to give full-time employees bonuses of $1,500 and part-time employees bonuses of $1,000 because of savings incurred by the new tax bill.
Based in Wardsville, Mid America Bank has five locations in Wardsville, Holts Summit, Linn, Belle and Meta.
"We are proud to reward our bankers with these bonuses to thank them for their hard-work and dedication to serving our community," CEO Brian Berhorst said in a news release.
President Donald Trump signed a bill in December that overhauled the nation's tax code. Under the new tax bill, the corporate tax rate drops from 35 percent to 21 percent. The bill also restructures the seven personal income tax brackets and increases the standard deduction to $12,000 for individuals and $24,000 for married couples who file jointly.
In the wake of the tax cut, hundreds of businesses nationwide announced bonuses or pay raises for employees because of the new tax law.
Hawthorn Bank announced plans in February to give full-time employees bonuses of $1,000 and part-time employees bonuses of $500. Central Bancompany announced plans in early January to give full-time employees $1,000 bonuses and part-time employees $500 bonuses because of the legislation.