Metairie Bank and Trust, Inc. (OTC: MBKL) announced today that its Board of Directors approved a cash bonus of $1,000 for all of its 120 employees and an increase in its minimum wage for hourly employees to $12.00 an hour.
Ron Samford, President and CEO of Metairie Bank, noted that “The recent enactment of President Trump’s tax reform bill will provide a substantial benefit to the Bank, through significantly lower corporate income tax rates. We will invest some of those savings in our workforce through these actions, and will also look to increase our commitment to community enrichment efforts.”
Mr. Samford continued, “As a community bank, we are optimistic that the reductions in the tax rates will benefit our regional economy and promote growth through increased capital investment in buildings, machinery, and equipment, as well as spur additional hiring. We also expect that most GNO residents in the workforce will see increases in disposable income because of the new tax reform legislation, which will further boost commerce. Certainly, our employees will begin to see the benefit of the new tax tables via reduced withholdings in their next paycheck for the end of January.”
Metairie Bank, the Bank of Personal Service, was founded in 1947 and just celebrated its 70th anniversary. With assets of $390 million, it is the oldest and largest commercial bank headquartered in Jefferson Parish, and serves the entire Greater New Orleans area. It now has nine branches, including two banking locations on the Northshore, in Mandeville and Covington, as well as a full-service remote ATM in Covington.