MB Reinvests in its Communities and Employees
28 Dicembre 2017 - 11:13PM
MB Financial, Inc. (NASDAQ:MBFI), the holding company for MB
Financial Bank, N.A. (“MB”), announced today that MB will raise the
minimum wage paid to its employees, issue certain one-time bonuses,
and donate $7.5 million to the disadvantaged communities in which
it operates.
Mitch Feiger, President and CEO MB Financial, Inc., commented,
“MB has long believed that our future is undeniably connected to
our communities and employees. Because we hold this belief so
closely it is only natural that we share the benefits of tax
reform.”
As a result of the recently enacted Tax Cuts and Jobs Act of
2017 MB will contribute $7.5 million to the MB Charitable
Foundation, specifically to help the most disadvantaged communities
where MB operates for the creation of affordable housing, strong
educational programs, vital community services, and to accelerate
economic development. “Giving is a cornerstone of our
culture,” said Rose Bouman, Executive Vice President of MB
Financial Bank. “Our programs such as ‘MB on the Block’, wherein
over 500 MB employees dedicate a day of service to the community
each year, are at the heart of who we are.”
Also as a result of the new tax legislation, MB will raise its
minimum wage to $15 per hour and pay certain one-time
bonuses. It’s expected that nearly 75% of MB’s approximately
3,600 team members across the country will participate in these new
compensation measures. “Our employees are truly
different. Their passion sets them apart. It’s no wonder they
go beyond every day for our clients, our communities, and each
other. I’m thrilled we can pass along the benefits of tax
reform to them,” commented Feiger.
The Tax Cuts and Jobs Act of 2017, among other changes, reduces
the Federal corporate income tax rate from 35% to 21% effective
January 1, 2018. MB Financial, Inc. currently estimates that
as a result of the new tax legislation and the requirement to
revalue its net deferred tax liability, it may recognize in the
fourth quarter of 2017 a one-time tax benefit of at least $85
million, or approximately $1.00 per diluted common share.
This one-time tax benefit will further strengthen our capital
position and ratios.
MB Financial, Inc. (Nasdaq:MBFI) is the
Chicago-based holding company for MB Financial Bank, N.A. (“MB”)
which has approximately $20 billion in assets and a more than one
hundred year history of building deep and lasting relationships
with middle-market companies and individuals. MB offers a
full range of powerful financial solutions and the expertise and
experience of bankers who are focused on their clients’
success. Learn more about MB by visiting
www.mbfinancial.com.
Safe Harbor Statement: Statements in this press
release that are not historical facts are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. By their nature, such statements are subject to
numerous factors that could cause actual results to differ
materially from those anticipated in the statements, as discussed
in MB Financial’s filings with the Securities and Exchange
Commission. You should not place undue reliance on any
forward-looking statements, and we undertake no obligation to
update any such statements to reflect circumstances or events that
occur after the date on which the forward-looking statement is
made.
For Information at MB Financial, Inc.
contact:Berry Allen - Investor RelationsE-Mail:
beallen@mbfinancial.com
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