MutualBank Announces Hourly Wage Increase And Bonuses

MutualBank's newest branch location at 2910 W Jackson St. in Muncie.MutualBank's newest branch location at 2910 W Jackson St. in Muncie.

By: Jaime Faulkner, CFMP—

Muncie, IN — Character, Class, Compassion, and Competition are the values driving MutualBank’s vision for helping people live better lives. For 129 years, MutualBank has served communities throughout Indiana by upholding these values and doing the right thing.

The Tax Cuts and Jobs Act passed at the end of 2017 gave companies in all industries the opportunity to project a different economic outlook in 2018 and possibly beyond. While those realizations have not yet materialized, the rapid changes in our environment gave senior management at MutualBank an opportunity to evaluate how to respond.

CEO Dave Heeter said,” When an event like this occurs, a significant consideration is determining if the increased earnings resulting from the reduction in taxes, should be shared with a company’s constituents.” Heeter continues, “In the anticipation that the change in the tax law will provide an opportunity for greater earnings moving forward, we feel that sharing a portion of those earnings with our outstanding staff is appropriate.”

In the first quarter of 2018, MutualBank will distribute a $750 one-time payment for all full-time and part-time employees except for the Executive Management Team. Additionally, all non-exempt employees will receive a $0.50 increase in their hourly wage.

“It is the dedication and hard work of MutualBank employees that helps us generate shareholder value, community impact, and long-term success.” Heeter adds, “Investing back into our employees reinforces Mutual’s culture of helping people live better lives and perpetuates the bank’s ability to increase shareholder value.”

 

MutualFirst Financial, Inc. is the parent company of MutualBank, an Indiana-based financial institution since 1889. MutualBank has twenty-seven full-service retail financial centers in Allen, Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank has two offices located in Fishers and Crawfordsville, Indiana specializing in wealth management and trust services and a loan origination office in New Buffalo, Michigan. MutualBank also operates a wholly owned subsidiary named Summit Mortgage which operates out of Fort Wayne, Indiana. MutualBank provides a full range of financial services including commercial and business banking, personal banking, wealth management, trust services, investments and internet banking services. The Company’s stock is traded on the NASDAQ National Market under the symbol “MFSF”.  Additional information can be found online at www.bankwithmutual.com.