S&T BANK ANNOUNCES $15 PER HOUR BASE PAY RATE ADJUSTMENT FOR EMPLOYEES

Rhea-AI Summary

S&T Bank will increase its base pay rate to $15 per hour starting January 2022. This decision aims to enhance workforce development and create job opportunities within the communities it serves. Approximately 43% of its workforce, or 501 employees, will benefit from this adjustment. The bank emphasizes its commitment to providing not just jobs, but careers through extensive compensation packages, including benefits and educational opportunities. S&T Bancorp, trading under the symbol STBA, is a $9.4 billion holding company based in Indiana, Pennsylvania.

Positive

• Increase in base pay rate to $15 per hour enhances employee satisfaction and retention.
• Approximately 43% of the workforce will benefit, indicating a significant investment in employees.
• Comprehensive compensation packages position S&T favorably in attracting talent.

Negative

• None.

INDIANA, Pa., Dec. 22, 2021 /PRNewswire/ -- S&T Bank today announced it will raise its base pay rate to $15 per hour for all positions, effective January 2022, furthering its longstanding commitment to workforce development and to creating opportunities in the communities it serves.

"I am extremely proud and grateful of the efforts from our team members who are our most valuable resource," said Chris McComish, chief executive officer. "This adjustment is just one way we are investing in our people."

As some pay compression will result from the base rate increase, S&T has taken additional steps and will continue to implement measures to recognize and reward tenured employees that continue to serve our customers and support the strategic initiatives of the bank. In total 501 employees, or approximately 43% of S&T's workforce, will receive an adjustment.

Rather than simply providing jobs, S&T is proud to offer its employees careers. The base rate increases along with our comprehensive total compensation, which includes employee benefit plans, 401(k) contribution, workplace flexibility, paid time off, paid time for community involvement, education and training opportunities, as well as tuition reimbursement programs distinguish S&T in the market allowing the bank to attract and retain top talent.

For more information about S&T Bank, please visit stbank.com.

About S&T Bancorp, Inc. and S&T Bank 
S&T Bancorp, Inc. is a $9.4 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank was established in 1902 and operates in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram, and LinkedIn.

 

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SOURCE S&T Bancorp, Inc.

FAQ

What is the new base pay rate for S&T Bank employees?

S&T Bank is raising its base pay rate to $15 per hour effective January 2022.

What percentage of S&T Bank's workforce will receive a pay adjustment?

Approximately 43% of S&T Bank's workforce, or 501 employees, will receive a pay adjustment.

What is the impact of the base pay increase on S&T Bank?

The base pay increase is expected to enhance employee satisfaction and retention, contributing positively to the company's workforce development.

What is the stock symbol for S&T Bancorp?

S&T Bancorp trades under the symbol STBA.

What is the total asset value of S&T Bancorp?

S&T Bancorp has a total asset value of $9.4 billion.