Our Benefits Make an Impact with our Employees
One of our employee's shared how the Merchants Bank Emergency Leave Bank has impacted his life and the road to recovery:
“The Emergency Leave Bank has been a tremendous gift to me and my family. At a time when there are so many different things to think about – health, finances, medical decisions and time away from work, the ability to have fellow employees give up their time off to help out with an income that otherwise would have been lost, is truly a wonderful blessing. When I mentioned this to friends and family, they were quite impressed with this idea and the outpouring of generosity of the Merchants Bank people.”
Our Comprehensive Benefits
Merchants Bank believes in investing in its employees. We know we only get better by attracting and retaining top talent. That’s why we strive to provide comprehensive, progressive benefits to our employees and in order to so, we re-evaluate our benefits on an annual basis.
Health Plans and Insurance – Our health insurance plans provide several flexible options through widely-accepted insurance networks. In addition, we also offer dental, life insurance, short-term and long-term disability insurance, supplemental insurance coverage and much more.
Retirement – Merchants strives to educate each employee on the importance of saving for retirement early. We offer a 401(k) with an employer match, in addition to our Employee Stock Ownership Program (ESOP) , which makes our employees joint owners in our company.
Paid Time Off (Vacation, etc) – We understand the importance of work/life balance and offer vacation, holiday and sick time. Additionally, employees can access our Emergency Leave Bank (ELB) during a time of personal emergency. The ELB is funded through the donation of time from other Bank employees. In the last three years, our employees have donated the equivalent of more than $47,000 in time to the ELB.
Success Sharing Plan/Bonus – When all of our employees succeed, we celebrate our success. Eligible employees can participate in our success sharing plan after six months of employment.
Employee Development and Career Advancement – Merchants provides education and development opportunities to all of its employees through our Training and Development Department in the form of webinars, seminars, customer service, sales coaching and more. Additionally, our annual review process provides a time for goal-setting and career path planning. We are committed to growing our people.
Wellness Plan – Our employees are reimbursed for eligible fitness and exercise-related expenses each year up to a certain dollar amount and can participate in a variety of fun, reasonable fitness activities organized by our Wellness Committee.
Banking Benefits – We offer special terms, rates and discounts on bank accounts, loans and other bank products that provide savings to our employees.
Community Involvement – Merchants values being a true community partner in each of the communities we serve. Because of this, we strongly encourage our employees to be active on local boards and volunteer for community events.
Tuition Reimbursement – We reimburse employees seeking higher education for credit courses and/or books, based on their grades, according to program guidelines.