By DEBBIE KNOX
B Gooding, president of Cypress Bank, announces that the Cypress Bank Board of Directors made a decision to award employees bonuses, citing the tax bill that was just signed into law, as the reason. Of the 60 employees of the bank, $1,000 bonuses will be given to each full-time employee and $500 for each part-time employee. Mr. Gooding also said the board voted to increase the bank’s 401K matching contribution from 3 to 5 percent, for each employee.
Mr. Gooding said the directors feel this is a positive way to invest in our employees.
“We expect to see benefits from the recent tax reform due to lower corporate tax rates and we want to give back to our employees, who we feel, are directly responsible for our success,” Mr. Gooding said, “We expect the actions taken by Congress and the President will have a positive impact on the growth throughout the communities we serve, as well as our country.”