Pay Raise Benefits Over 10% of Workforce
ST. PETERSBURG, Fla., March 26, 2014 /PRNewswire/ — Trevor Burgess CEO of C1 Bank announced today that C1 Bank has established a living wage rate of pay for its full time employees. C1 Bank will now pay its permanent full-time employees a minimum of $14 per hour, a change that will increase the pay of 27 of its 217 employees. Increases will range from 1% to 30% and will go into effect on April 1st.
64% of the C1 Bank workforce is made up of women and as such this change will impact a material number of families where women are the sole or primary breadwinners.
“C1Bank provides the very highest level of personalized service to our clients and this drive requires the very best quality employee even at the entry level. By instituting a living wage we can lead the marketplace in attracting and retaining the most qualified team members,” said CEO Burgess adding, “This quarter will mark our 16th consecutive quarter of profit and we have a responsibility, to the community, to pay a fair living wage to all our employees. Given the success of C1 Bank, it’s also just the right thing to do.”
Director Marcelo Lima added, “Investing in our people has been a hallmark of C1 Bank’s strategy and this move highlights our dedication to hiring and retaining the very best.”
A living wage is often defined as the wage rate required to meet minimum standards of living within a community and if often materially higher than the minimum wage required by state and federal law. Florida’s state minimum wage is $7.93 per hour.
About C1 Bank: C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 27 locations across Florida and online at www.C1Bank.com. C1 Bank was honored as the 19th fastest growing company in Florida at the 2013 “Florida Fast 100” awards, as having the “Coolest Office Space,” as one of the “Tampa Bay Fast 50,” and as one of “Tampa Bay’s Largest 100 Private Companies.” C1 Bank CEO, Trevor Burgess, won Ernst & Young Entrepreneur Of The Year® 2013 in Florida in the Financial Services category. C1 Bank is a leader in checking, savings and money markets, business loans, SBA loan programs, portfolio residential mortgages, and association and treasury services. C1 Bank is the Official Bank of the Tampa Bay Buccaneers, the Official Bank of the Outback Bowl and a Corporate Partner of the Miami HEAT.
C1 Bank services include:
- Full Service Checking, Savings and Money Market depository products for consumers and businesses
- Business loans and commercial real estate loans, up to $30 million, to assist local business growth
- Small Business Administration loans, up to $5 million – C1 Bank is a Preferred Lender and is consistently ranked as one of the region’s top SBA lenders
- Residential mortgages, including jumbo, NRA and portfolio loan products, all approved with quick local decision making
- Banking products to serve entrepreneurs, physicians, lawyers, accountants and other professionals
- Association and Treasury Services – providing lockbox services to condominium associations and other businesses in need of sophisticated treasury management solutions