In response to tax bill, Gate City Bank announces reinvestment plan
FARGO—In response to the GOP tax bill recently passed by Congress, Gate City Bank announced plans late last week to reinvest $1.6 million to benefit its employees, customers and the community.
Included in its plan is $625,000 in employee bonuses. According to a press release issued by Gate City, each employee will be hand-delivered a $1,000 bonus check on Jan. 15.
Customers will benefit from the bank's plan to offer $500,000 in free home appraisals. According to Gate City Bank, an average appraisal is valued at $600.
"This gift will make a difference in our customer's lives by giving them the opportunity to invest in their home," the statement read.
Gate City Bank also plans to donate $500,000 to the community. This is in addition to the bank's original commitment of over $1 million. Since 2005, Gate City Bank has donated over $19.8 million to help build a better quality of life in the communities it serves.