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Farmer’s Bank provides bonuses to employees

By submitted, 05/25/18 9:19 AM

MAGNOLIA – The Farmers Bank & Trust Board of Directors and Management Team announced today that following the enactment of the new federal tax reform legislation, it will distribute special cash bonuses to its more than 275 employees in South Arkansas and Northeast Texas. All employees will receive $500 to $1,000 in May 2018, based on their current years of service with the Bank.

Farmers Bank & Trust President and CEO Chris Gosnell said, “Our employees are the heart of our success and strive to play an active role in the communities we serve.  We are excited for the opportunity to reward our hard-working employees with this special bonus as a token of our appreciation for all they do for our customers, businesses, and communities.”

In addition to this one-time payout, Farmers is committed to the long-term success of its employees. Last year, the Bank’s Stakeholder Incentive Plan paid almost $2 million to all the Bank’s employees. While the Bank is hoping for a strong payout in 2018, net income after taxes is not specifically rewarded by the Plan. Because Farmers Bank & Trust benefited from the federal tax reform legislation, some of the benefit was shared with employees.