Latta: Tax Cuts Making a Real Difference in Ohio’s 5th Congressional District
Congressman Bob Latta (R-Bowling Green) is highlighting the recent announcement from a Defiance-based company, SB Financial Group, Inc. (“SB Financial”), that they will use tax relief, and significant positive effect on earnings from the Tax Cuts and Jobs Act, to invest in their communities, pay employee bonuses, and improve services for their customers. SB Financial, a diversified financial services holding company for the State Bank & Trust Company, has said that they will use the tax relief from the passage of the Tax Cuts and Jobs Act to help implement a “community volunteerism” directive that would better enable employees to serve their local communities through philanthropic activities.
The company also indicated that they will provide 175 of their non-executive staff, or seventy percent of their 250 employees, with $1,000 bonuses. The minimum wage level was increased and a number of hourly employees will also see higher wages.
In addition, SB Financial will also use some of the savings from the Tax Cuts and Jobs Act to invest in expanding its digital banking strategies to improve service to their clients.
“It hasn’t taken very long for the Tax Cuts and Jobs Act to make a real difference in communities around this country, and we’re seeing its effect right here in Ohio,” said Latta. “Because of this legislation, SB Financial will be able to put more money in the pockets of their employees, grow as a company, improve services for their customers, and give back to the local communities they serve in Northwest Ohio and around the region. We’re going to continue to hear more stories like this locally, just as we have nationally, as businesses and individuals see the benefits from tax relief.”
“We plan to invest a meaningful portion of our 2018 tax savings toward promoting the betterment of the communities we serve, the staff we employ and the clients we value,” said Mark A. Klein, Chairman, President and CEO of SB Financial. “We launched these initiatives in the pursuit of building a stronger, high-performing organization, which in turn will deliver greater shareholder value.”