Tupelo-based BancorpSouth Bank and Renasant Bank are giving increases and bonuses to some of it employees, mirroring the moves of other financial institutions.
BancorpSouth said Wednesday it was giving pay increases and one-time businesses totaling more than $10 million as “an additional investment … to nearly all non-commissioned employees.”
The investment this year will benefit 96 percent of the company’s non-commissioned workforce, BancorpSouth said. The pay increases were effective Jan. 1.
“We are proud to reward our team with this opportunity since the Tax Cuts and Jobs Act should benefit everyone” said Dan Rollins, Chairman and CEO. “BancorpSouth’s continued and future success is based on the economic vitality of the communities we serve and taking care of our teammates allows us to provide the very best service to our customers, communities and shareholders.”
The increased compensation overall at BancorpSouth affected more than 70 percent of all employees, and provided a $1,000 bonus to nearly 20 percent of all employees.
BancorpSouth employs some 4,000 employees in more than 230 locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, plus an insurance location in Illinois.
Renasant on Thursday also said it would be investing in its more than 2,000 employees but didn’t release specific figures.
“We are going to share benefits realized from the recently passed Tax Cut and Job Act with our associates, communities and clients,” said Renasant Chairman and CEO E. Robinson McGraw. “Our focus on these three constituencies for more than 114 years has provided us with the success we enjoy as a company, and we look forward to continuing our legacy of understanding and meeting the needs of the communities we serve.”
More than 50 companies – many of them banks – so far have announced wage increases and bonuses in anticipation of savings from the new tax law signed by President Trump last month.