FROST BANK RAISES MINIMUM WAGE RATE TO $20 PER HOUR, BOOSTING PAY FOR 1,800 WORKERS

Rhea-AI Summary

Frost Bank, a prominent Texas bank, has announced an increase in its minimum starting pay to $20 per hour, affecting approximately 1,800 employees across Texas. This decision reflects the bank's commitment to competitive workplace practices and employee welfare, representing an annual investment of around $15 million. The increase is part of a broader strategy that includes enhanced benefits, technology investments, and a focus on diversity, inclusion, and equity.

Positive

• Increased minimum starting pay to $20 per hour, affecting 1,800 employees.
• Annual investment of around $15 million for employee compensation.
• Commitment to diversity, inclusion, and equity in workplace practices.
• Increased employee benefits, including vacation and time off.

Negative

• None.

SAN ANTONIO, Dec. 17, 2021 /PRNewswire/ -- Frost Bank, one of the largest banks based in Texas, today notified its employees that is has raised its minimum starting pay rate to $20 per hour. The move affects about 1,800 employees across Texas, including bankers, tellers, call center operators and support staff. It also keeps Frost at the forefront of competitive workplaces.

"This is just one of the ways that Frost has invested in our employees," said Frost Chairman and CEO Phil Green. "In addition to our commitment to diversity, inclusion and equity, we have built beautiful facilities to work in and kept them open even as many employees enjoy the flexibility of working remotely. We've increased vacation, paid time off, caregiver time and community service time off. We've invested in technology to make us more effective and to keep us connected.  And we just invested $3.5 million to reduce medical plan premiums."

The increased minimum wage, which amounts to an annual investment of around $15 million, takes effect today. Going forward, Frost will continue to look at ways to ensure its employees feel valued so they can continue providing customers with the bank's award-winning level of customer service.

"We continuously study our markets to make sure that we provide a fair and competitive compensation package for our employees," Green said. "Having that information gives us the flexibility to keep up with market conditions and make Frost an extraordinary place to work, unlike any other."

About Frost:

Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $47.9 billion in assets at Sept. 30, 2021. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.

For more information:
Bill Day
210-220-5427 office
210-288-5498 mobile

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SOURCE Frost

FAQ

What is the new minimum wage at Frost Bank?

Frost Bank has raised its minimum starting pay to $20 per hour.

How many employees are affected by Frost Bank's pay increase?

Approximately 1,800 employees across Texas will benefit from the pay increase.

What is the financial impact of the wage increase for Frost Bank?

The wage increase represents an annual investment of around $15 million.

What initiatives has Frost Bank implemented alongside the wage increase?

Frost Bank has enhanced employee benefits, invested in technology, and committed to diversity and inclusion.