Texas Capital Bank President and CEO Keith Cargill announced today that the bank will be giving a majority of its employees a special $1,000 bonus, thanks in part to passage of the federal tax overhaul plan.
Cargill said more than 900 employees not already eligible for another performance-based bonus program will receive the payouts, effective in January after the law takes effect. The special bonuses will go primarily to support teams across all locations, including Dallas, Richardson, Fort Worth, Houston, San Antonio and Austin.
“This investment in our people is a thank you for their hard work and dedication,” Cargill said. “Our clients have come to expect the very best service and in order for us to deliver the highest quality consistently, every link in our chain must be strong. This bonus reaffirms the respect we have for the important role each of our colleagues play in delivering world class service to our clients.”
“Our vision since inception has been to build the most successful and respected business bank in the country, a place where clients love to bank and employees love to work. We think these two things go hand in hand, and the bonus is an extension of that appreciation,” Cargill said.
Heading into 2018, the company will be looking for additional ways to invest in employees as a result of the tax bill, which includes a permanent cut for corporations and temporary tax relief for individuals.
“The rewritten tax code cuts the marginal tax rate, and that can be significantly beneficial to earnings and our stockholders, because we believe we have among the highest marginal and effective federal tax rates in the banking sector. The tax changes also will be very beneficial to our customers,” Cargill said.
ABOUT TEXAS CAPITAL BANK
Texas Capital Bank, N.A. is a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. Headquartered in Texas, we work with clients throughout the state and across the country. Texas Capital Bank is a wholly owned subsidiary of Texas Capital Bancshares, Inc. (TCBI) and has been named to Forbes’ Best Banks in America list and as one of the Dallas Morning News’ Top 100 Places To Work. To find out why we’re the Best Business Bank in Texas®, please visit www.texascapitalbank.com. Member FDIC.