NEWARK – Park National Corp., the Newark-based parent company of Park National Bank, is raising its minimum wage to $15 an hour, a news release said.
The increase will allow the company to "remain competitive in attracting and retaining associates in each of the communities Park serves," the news release said.
Also, the company is giving bonuses to workers who are ineligible for other incentive programs, it said.
"Park will reward its current associates for their collective role in supporting Park’s outstanding performance throughout another challenging year," the release said. "Park’s board approved a one-time bonus payment for all associates who are not eligible for Park’s annual incentive compensation program. In November, each full-time associate in that group will receive an extra payment of $1,000, and part-time associates will receive $750."
The company also announced a 14.9% increase in net income in the third quarter of this over the same quarter in 2020. It declared a dividend of $1.03 per common share.
“Throughout another year of pandemic turbulence, our customers have relied on Park National for more security, convenience and compassion," Park Chairman and CEO David Trautman said in the release. "We continue to report new opportunities and growth in services from loans to retirement investments to digital banking. We are proud to help our communities not just endure difficult circumstances, but also navigate them and build for the future.”
