Republican tax reform has made some corporations practically giddy with generosity.
First AT&T and now Commerce Bancshares announced plans to give $1,000 bonuses to employees out of anticipation of good economic times.
Commerce Bancshares Inc., a Kansas City-based regional bank holding company that owns Commerce Bank, announced Tuesday that it will give cash bonuses to 3,450 employees who are not otherwise eligible for bonuses or commissions. That is 75 percent of the holding company’s workforce.
“The new tax reform legislation should be very positive for economic growth and capital investment which will benefit the banking industry,” Bancshares Chairman and CEO David Kemper said in announcing the bonuses. “This new law makes the banking industry more competitive and allows us to reward our core employees who work hard every day to provide superior service to the people and the companies we serve...”
Commerce will also give $250 bonuses to all part-time employees.
In addition, Commerce Bancshares gave $32 million worth of appreciated stock to the company’s charitable foundation.
Commerce Bancshares had $25 billion in assets as of Sept. 30 and operates in more than 330 locations in the central United States.
Commerce is not the only banking company excited about the tax bill. St. Louis Today reports that St. Louis-based Stifel Financial and Minneapolis-based U.S. Bancorp have also announced employee bonuses as a result of the legislation.