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In response to tax bill, Gate City Bank announces reinvestment plan

Gate City Bank, seen Tuesday, July 30, 2013, in Fargo. Michael Vosburg / Forum Photo Editor

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.