Centennial Bank parent company announces bonuses, citing tax reform

By Reporter staff

Home BancShares, Inc, parent company of Centennial Bank, which has eight branches in the Keys, announced plans this week to distribute a onetime bonus of $500 for more than 850 full-time tenured employees.

The company credited recently-passed tax reform legislation backed by Republicans in Congress and the Trump administration for being able to provide the bonuses.

“We are investing in our most important asset – our people,” John Allison, Home BancShares, Inc. chairman, said in a prepared statement. “Our employees drive our reputation, our business and ultimately our success. Investing in these individuals is an important step to help support them, their families and the communities in which we operate.”

Newly-passed tax legislation includes a reduction in corporate tax rates from 35 percent to 21 percent and is designed to spur economic growth, according to backers in Congress and the White House.

“The tax reform has created the opportunity for us to reward our employees who are working hard each day to both serve our customers and enrich relationships in our communities,” Allison said.

“We believe tax reform is good for our U.S. economy and we are very happy to share with our valuable team members some portion of the benefits Home BancShares will realize by the enactment of the recent tax reform,” Tracy French, Centennial Bank president and CEO, said in a statement.

About 53 percent of full-time employees will receive the bonus, which is expected to be distributed during January 2018. Employees with base salaries of more than $50,000 are excluded.