Local bank plans bonuses, community giving after tax bill passage

PNC is planning to give employees bonuses and extra cash for their pension plans after the tax bill’s passage.

RELATED: What to expect from the new tax legislation

The bank — the third-largest one in the region — said Friday that it is planning additional investments such as:

  • An additional $1,500 to existing pension accounts for employees in the defined benefit pension plan.
  • A $1,000 cash payment to about 47,500 employees in the first quarter of 2018. This will impact all employees below a certain compensation level, or about 90 percent of PNC employees.
  • Raising the minimum pay rate to $15 an hour by the end of 2018. This will accelerate an already existing goal.
  • A $200 million contribution to the PNC Foundation, which supports early childhood education.

RELATED: Tax overhaul leads to end-of-year rush to pay property bills

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“The tax reform law creates an opportunity to reward our employees who are working hard each day to serve our customers, build strong relationships in our communities and create long-term value for our shareholders,” stated William S. Demchak, PNC’s chairman, president and chief executive.

PNC, headquartered in Pittsburgh, is the third-largest bank in both the Springfield and Dayton metro areas, according to the FDIC.

For the Dayton metro it had 24 offices and $1.6 billion in local deposits as of June. For the Springfield metro, it had six offices and $248.7 million in local deposits as of June.

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