PITTSBURGH, Jan. 18, 2018 /PRNewswire/ -- F.N.B.
Corporation (NYSE:FNB) today announced a significant financial
commitment to both its employees and the communities it serves
relating to the signing of the Tax Cuts and Jobs Act of 2017.
As an investment in its workforce, FNB plans to raise the
minimum hourly wage for its employees to $15 by the end of 2019, accelerating an ongoing
initiative to elevate hourly wages. Paying competitive wages will
continue to be a focus for the Company in attracting and retaining
the highest caliber employees to serve customers, which translates
into strong financial performance and benefit to its shareholders.
FNB will also provide a discretionary, one-time 401(k)
contribution, totaling $1 million, to
the vast majority of employees based upon analysis of compensation
levels and eligibility.
During the first half of 2017, FNB also made a $5 million contribution to its Foundation, which
was established to provide grants for a variety of non-profit
entities throughout its multi-state footprint. Moving forward,
these funds will be utilized to support causes within its service
area. This contribution was also part of a broader community
benefit plan focusing on charitable giving, community development
investments and lending efforts serving financially-vulnerable and
historically underserved populations.
"We are pleased that the current tax law changes present the
opportunity for substantial benefits for our clients, employees,
communities and shareholders," said Vincent
J. Delie, Jr., Chairman, President and Chief Executive
Officer of F.N.B. Corporation. "Increased investment in our
employees and in improving the quality of life within our
communities creates an enhanced experience for our clients and
superior long-term shareholder returns."
FNB's Board of Directors unanimously supported executive
management's commitment to these initiatives in advancement of
FNB's continued mission.
About F.N.B. Corporation
F.N.B. Corporation
(NYSE:FNB), headquartered in Pittsburgh,
Pennsylvania, is a diversified financial services company
operating in eight states. FNB holds a significant retail deposit
market share in attractive markets including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High
Point) in North Carolina.
The Company has total assets of $31
billion, and more than 400 banking offices throughout
Pennsylvania, Ohio, Maryland, West
Virginia, North Carolina
and South Carolina. The Company
also operates Regency Finance Company, which has more than 75
consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
FNB provides a full range of commercial banking, consumer
banking and wealth management solutions through its subsidiary
network which is led by its largest affiliate, First National Bank
of Pennsylvania, founded in 1864.
Commercial banking solutions include corporate banking, small
business banking, investment real estate financing, international
banking, business credit, capital markets and lease financing. The
consumer banking segment provides a full line of consumer banking
products and services, including deposit products, mortgage
lending, consumer lending and a complete suite of mobile and online
banking services. FNB's wealth management services include asset
management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York
Stock Exchange under the symbol "FNB" and is included in Standard
& Poor's MidCap 400 Index with the Global Industry
Classification Standard (GICS) Regional Banks Sub-Industry Index.
Customers, shareholders and investors can learn more about this
regional financial institution by visiting the F.N.B. Corporation
website at www.fnbcorporation.com.
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SOURCE F.N.B. Corporation