Zions Bancorp (NASDAQ:ZION) has disclosed that it has plans underway to increase ongoing compensation for about 40% of its employees in 2018 if everything goes according to plan. About 80% of employees are set to benefit since they might be served with $1,000 in the form of bonuses over the course of 2018 and that will of course be in line with several closing conditions.
On top of that Zions is making plans to make a contribution of about $12 million to the Zions Bancorporation Foundation and the ones set to benefit from this will be local communities in the segment that Zions undertakes its business operations. Back in 2017, Foundation beneficiaries included educational programs, the United Way, food pantries, youth programs, affordable housing projects and homeless shelters.
Zions knows that in the fourth quarter of 2017 it is set to incur an increase in noninterest expense of about $12 million as a result of the contribution to the Foundation. The compensation adjustments will most probably be incorporated in the 2018 expense.
The company is currently conducting a thorough assessment of the associated financial impact of the latest tax law changes. It might soon be disclosing the associated impact on or before the date that the Company usually makes the reporting of its earnings results for the fourth quarter of 2017.
A person familiar with the most recent development opined, “Zions Bancorporation is one of the nation’s premier financial services companies with total assets exceeding $65 billion. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, Washington and Wyoming.”
Over the years Zions has maintained its position as the national leader in public finance advisory services and also in the Small Business Administration lending. For over quite some time it has also upheld its position as a consistent top recipient of Greenwich Excellence awards in the segment of banking and hopes to accomplish much more in the near future.