Centric Financial Corporation Responds to Tax Reform Bill with Employee and Community Benefits

HARRISBURG, Pa., Aug. 17, 2018 /PRNewswire/ -- Centric Financial Corporation, Inc., ("Centric") (CFCX), is implementing a series of employee and community benefits in response to H.R. 1, the Tax Cuts and Jobs Act.

With the support of the Bank's board of directors and the corporate tax savings from the Tax Cuts and Jobs Act signed into law on December 22, 2017, Centric Bank President and CEO Patricia (Patti) A. Husic unveiled a suite of bank-wide initiatives to announce post-tax reform benefits to share and reinvest savings with customers, employees, and the community.

"This landmark tax reform legislation has spurred job creation and economic growth across the United States, and we're excited to introduce advantages across the Commonwealth of Pennsylvania," says Husic. "Previously, banks paid one of the highest corporate tax rates, and reform is an opportunity to not only commit those tax savings to improving our services to customers and our communities, it's also a chance to reward our greatest asset—our hard-working team."

Effective July 1, 2018, Centric Bank is committed to:

1. Increasing salaries of entry-level personnel to $15 per hour, resulting in raises for more than 50 Centric Bank employees in the operations, credit, and branch areas of the Bank and who are on the frontlines of serving customers.
2. Providing raises to employees who are near entry-level wages, resulting in a 6% increase.
3. Hiring additional team members in business development and commercial lending to expand upon the positive, pro-growth relationships with small businesses in the Bank's market areas, and meet the increased lending demand from economic optimism and business growth.
4. Investing between $3 and $4 million in technology initiatives over the course of five years, beginning with strategic goals set forth by Centric Bank's Chief Information Officer & Director of Operations. Innovations, expanded customer initiatives, multichannel distribution, digitization, service development, and customer experience personalization will be areas of focus.
5. Expanding the physical footprint of Centric Bank to include additional full-service technologies in our financial centers for these markets over the next 3 to 4 years. 

"As Pennsylvania's champion for small business owners and a leader in SBA 7(a) lending, we financed loans last year that created over 2,500 jobs. The benefits of the Tax Cuts and Jobs Act will have immediate and lasting financial impact in the communities we serve," says Husic.

The American Bankers Association (ABA) is documenting how banks are using the tax reform to benefit the economy and reward their teams at aba.com/EnergizingTheEconomy.

ABOUT CENTRIC FINANCIAL CORPORATION AND CENTRIC BANK
A three-time Best Places to Work and a Top 50 Fastest-Growing Companies for six years, Centric Bank is headquartered in south central Pennsylvania with assets of over $700 million and remains the leader in organic loan growth in central Pennsylvania. A locally owned, locally loaned community bank, Centric Bank provides highly competitive and pro-growth financial services to businesses, professionals, individuals, families, and the health care industry. Centric Bank ranks #110 in SBA 7(a) loan volume in the United States as well as #8 in approved SBA 7(a) loans in the Commonwealth of Pennsylvania.

Founded in 2007, Pennsylvania-based Centric Bank has financial centers located in Harrisburg, Hershey, Mechanicsburg, and Camp Hill, loan production offices in Lancaster and suburban Philadelphia, and an Operations and Executive Office campus in Hampden Township, Cumberland County. To learn more about Centric Bank, call 717.657.7727 or visit CentricBank.com. Connect with them on Twitter, Facebook, LinkedIn, and Instagram.

SOURCE Centric Financial Corporation, Inc.