Seattle-based HomeStreet Bank, which includes a Kent location, has raised its company minimum wage to $15 per hour at all 111 retail branches and lending centers in seven states.
HomeStreet announced the increase on Tuesday. The increase took effect Jan. 1. The company said it made the decision to increase wages after the recently signed federal tax reform bill that cuts the corporate tax rate from 35 percent to 21 percent, according to a HomeStreet press release.
“We’re dedicated to the incredible people who work at HomeStreet,” said Mark Mason, president and CEO of HomeStreet Bank. “We’re grateful to be in a position where we’re able to raise our minimum wage and reward our hardworking employees for the great work they do every day.”
The new policy will affect all non-commission employees. The increase to $15 per hour more than doubles the current U.S. federal minimum wage of $7.25 per hour. The Washington state minimum wage is $11 per hour.
The Kent location is at 505 W. Harrison St.