SEATTLE--(BUSINESS WIRE)--Today, HomeStreet, Inc. (Nasdaq: HMST), the parent company of HomeStreet Bank, (“HomeStreet”) announced that it has raised its company minimum wage to $15 per hour across all 111 retail branches and lending centers in seven states. The increase took effect January 1, 2018. The announcement comes on the heels of the recently signed federal tax reform bill that cut the corporate tax rate from 35 percent to 21 percent.
HomeStreet made the decision to increase its minimum wage in order to share the tax reform benefits with its employees. The change is particularly welcome as the cost of living continues to increase across the country.
“We’re dedicated to the incredible people who work at HomeStreet,” said Mark Mason, president and CEO of HomeStreet Bank. “We’re grateful to be in a position where we’re able to raise our minimum wage and reward our hardworking employees for the great work they do every day.”
The new policy will affect all non-commission employees. The increase to $15 per hour more than doubles the current U.S. federal minimum wage of $7.25 per hour.
For nearly 100 years, HomeStreet Bank has maintained a shared goal across teams and regions to be the preferred and trusted provider of financial services. HomeStreet Bank offers consumer and commercial banking, mortgage lending and loans for residential construction, commercial real estate financing, investment and insurance products and services in the Pacific Northwest, California and Hawaii. For more information on HomeStreet and the services it provides, visit www.homestreet.com
About HomeStreet, Inc.
Now in its 98th year, HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington and is the holding company for HomeStreet Bank, a state-chartered, FDIC-insured commercial bank. HomeStreet offers consumer, commercial and private banking services and investment and insurance products, and originates residential and commercial mortgages and construction loans for borrowers located in the Western United States and Hawaii. Additional information on HomeStreet Bank can be found at www.homestreet.com.