Banking & Finance

F.N.B. Corp. Will Increase Hourly Minimum Wage to $15

PITTSBURGH, Pa. – F.N.B. Corp., the holding company of First National Bank of Pennsylvania, will increase its hourly minimum wage to $15 by the end of 2019, accelerating an ongoing initiative.

The raise was part of the announcement Thursday of “a financial commitment to both its employees and the communities it serves relating to the signing of the Tax Cuts and Jobs Act of 2017.”

Paying competitive wages will be a focus for the company in attracting and retaining the highest caliber employees to serve customers, which translates into strong financial performance and benefit to its shareholders, F.N.B. said.

F.N.B. will also provide a discretionary, one-time 401(k) contribution, totaling $1 million, to the vast majority of employees based upon analysis of compensation levels and eligibility.

“We are pleased that the current tax law changes present the opportunity for substantial benefits for our clients, employees, communities and shareholders,” said Vincent Delie, Jr., chairman, president and CEO of F.N.B. in a news release. “Increased investment in our employees and in improving the quality of life within our communities creates an enhanced experience for our clients and superior long-term shareholder returns.”

During the first half of 2017, F.N.B. also made a $5 million contribution to its foundation, which was established to provide grants for a variety of nonprofit entities throughout its multi-state footprint.

Moving forward, these funds will be utilized to support causes within its service area. This contribution was also part of a broader community benefit plan focusing on charitable giving, community development investments and lending efforts serving financially-vulnerable and historically underserved populations.

Published by The Business Journal, Youngstown, Ohio.