Franklin Savings Bank Employees To Get A Bonus

FRANKLIN, NH — A another New Hampshire company has announced that due to changes in the federal tax laws, it, too, will be returning some of the savings directly to employees. Franklin Savings Bank – which has locations in Franklin as well as Bedford, Gilford, Merrimack, Nashua, and Rochester – will be issuing all employees a $1,000 bonus this year. The bonus is to recognize the contribution employees make to the success of the bank, said President and CEO, Ron Magoon.

“Our employees consistently go ‘above and beyond’ for our customers and the communities we serve,” Magoon said. “This bonus is another opportunity to thank them for their outstanding commitment, dedication and service.”

The bonus is being issued in the wake of the first major tax overhaul in more than three decades that was approved and signed into law by President Donald Trump in late December 2017. The lower rates – including business taxes – allow the company to bestow some of that savings to the employees. The bank also plans, like other companies, to stimulate economic growth by investing more in its business.

The bank – which was first established in 1869 and was named 2017 Business of the Year in the financial services sector by BusinessNH Magazine – also gives back thousands of dollars in contributions to nonprofits as well as tax credit purchases, scholarships, and other grants. Magoon said the company was very proud to support its employees and the communities it serves.

“We take great pride in offering our employees a competitive compensation and benefits package, and strive to be an employer of choice,” Magoon added. “We continually look for opportunities to demonstrate the appreciation we have for our staff as they are truly the key to our success.”

Hundreds of businesses and companies across the nation have announced bonuses, increased 401(k) contributions, and pay hikes in the wake of the 2017 tax reform. It is believed that Franklin Savings Bank is only the second New Hampshire company – following Merrimack’s Connection (PC Connection Inc.) earlier this month – to publicly announce tax reform bonuses to employees.

Image via Franklin Savings Bank.