1st Security Bank of Washington and its Holding Company, FS Bancorp, Inc., Announce $20.00 per hour Minimum Wage for all Employees

Rhea-AI Summary

FS Bancorp, Inc. (NASDAQ:FSBW) announced on June 9, 2021, that its subsidiary, 1st Security Bank, will increase its minimum wage to $20.00 per hour effective June 24th. This adjustment results in an annualized wage of $41,600 for full-time employees, positively impacting over 20% of the workforce. CEO Joe Adams emphasized that providing a livable wage supports employee success and aligns with the company’s commitment to financial security during the pandemic. The initiative aims to ensure employees can meet basic needs, reflecting the Bank's Vision Statement.

Positive

• Increase in minimum wage to $20.00 per hour, enhancing employee satisfaction.
• Annualized wage of $41,600 for full-time employees improves financial security.
• Over 20% of employees benefit from this wage increase.

Negative

• None.

MOUNTLAKE TERRACE, WA / ACCESSWIRE / June 9, 2021 / 1st Security Bank ("the Bank") and its holding company, FS Bancorp, Inc. (NASDAQ:FSBW), announced today that the Bank is raising its minimum wage to $20.00 per hour to provide all employees a livable wage. This hourly rate increase will provide an annualized minimum wage of $41,600 for full-time employees effective June 24^th.

"Our employees are our most important asset," stated Joe Adams, CEO, "A cornerstone of employee success is our ability to provide a livable wage to all teammates. We believe a minimum wage of $20.00 per hour supports that effort."

In 2020, the Bank's Executive Team implemented "Operation Safe and Secure" in response to the uncertainties created by the global pandemic. One of the Operation's primary goals was to provide employees with financial security during a time of global economic crisis. The Bank's Board of Directors committed early in the pandemic not to reduce the Bank's workforce. Today's move to provide a livable wage is an outgrowth of this commitment and supports the Bank's Vision Statement to "Build a truly great place to work and bank." Over 20% percent of the Bank's employees will be positively impacted by this livable wage adjustment.

The definition of a livable wage is the minimum income necessary for a worker to meet their basic needs, which include housing, food, and other essentials. The Bank aims to ensure that all employees can meet these needs, including those in entry-level positions.

About 1st Security Bank of Washington

1st Security Bank of Washington, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-one branches, and mortgage services at each branch as well as lending offices in the greater Puget Sound area and the Tri-Cities. FS Bancorp, Inc., a Washington corporation, is the holding company for the Bank.

MEDIA CONTACT:

Matt Mullet
CFO, 1st Security Bank
P: (425) 697-8026
E: mattm@fsbwa.com

SOURCE: 1st Security Bank

View source version on accesswire.com:
https://www.accesswire.com/651122/1st-Security-Bank-of-Washington-and-its-Holding-Company-FS-Bancorp-Inc-Announce-2000-per-hour-Minimum-Wage-for-all-Employees