ST. LOUIS – Commerce Bancshares Inc. is crediting the enactment of the new federal tax reform legislation for a decision to award bonuses to most of its workforce.
Commerce announced today that it will distribute cash bonuses to employees who are otherwise non-bonus eligible and non-commission eligible, totaling approximately 3,450 associates or 75 percent of the bank’s workforce. A cash payment of $1,000 will be made to all of these full-time employees and a $250 cash payment to all part-time employees employed by the company on Dec. 31, 2017.
Additionally, in 2017, Commerce made a donation of $32 million of appreciated stock to The Commerce Bancshares Foundation (including $25 million in the fourth quarter 2017), which will be to the advantage of the communities we serve.
In making this announcement, David Kemper, chairman and CEO, commented, “The new tax reform legislation should be very positive for economic growth and capital investment, which will benefit the banking industry. 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 while building long-term customer relationships so important to our communities and shareholders.”
He said the donation to the foundation will strengthen Commerce’s ability to continue to support communities where it does business.
Commerce Bancshares Inc. is a registered bank holding company that operates in approximately 330 locations in Illinois, Missouri, Kansas, Oklahoma, Colorado, Ohio, Tennessee, Texas, Indiana, Michigan and Iowa.