LANCASTER, Pa.--(BUSINESS WIRE)--
Fulton Financial Corporation (NASDAQ: FULT) (“Fulton”) announced today
that during 2018, it will invest an additional $2 million in the
communities it serves as part of its Fulton ForwardTM
initiative; and the company will raise the minimum wage paid to
employees in addition to providing an additional week of pay at year-end
to employees who do not participate in an incentive plan.
“At Fulton, we understand that our future is connected to the
communities where we operate and the employees who serve them,” said E.
Philip Wenger, Chairman and CEO of Fulton Financial. “It makes sense for
us to share the benefits of tax reform, and we’re very pleased to be
able to give back to our communities and employees.”
As a result of the recently enacted Tax Cuts and Jobs Act of 2017,
Fulton will commit an additional $2 million as part of its Fulton
ForwardTM Initiative, which broadly supports
communities across the company’s footprint. The initiative was designed
to support underserved communities to create affordable housing, provide
financial literacy and education programs, and to accelerate economic
development.
In addition to expanding its community support, Fulton also will raise
its minimum wage to $12 per hour. The company also plans to provide an
additional week of pay in 2018 to employees, who are not participants in
other variable-award plans. It is expected that 75% of Fulton’s
approximately 3,700 employees will receive this additional week of pay.
“Giving is a cornerstone of our culture, and we already provide
thousands of volunteer hours and millions of dollars of existing support
to community organizations,” said Wenger. “I am thrilled that our
communities and employees will benefit from the savings we will realize
from the changes in our corporate tax rate.”
Safe Harbor Statement
This news release may contain forward-looking statements with respect to
the Corporation’s financial condition, results of operations and
business. Do not unduly rely on forward-looking statements.
Forward-looking statements can be identified by the use of words such as
"may," "should," "will," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "plans," "expects," "future,"
"intends" and similar expressions which are intended to identify
forward-looking statements. These forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, some of which are beyond the Corporation's control and
ability to predict, that could cause actual results to differ materially
from those expressed in the forward-looking statements.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the Corporation's
actual results to differ materially from those described in the
forward-looking statements, can be found in the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the Corporation’s Annual Report
on Form 10-K for the year ended December 31, 2016 and Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017 and
September 30, 2017, which have been filed with the Securities and
Exchange Commission and are available in the Investor Relations section
of the Corporation's website (www.fult.com)
and on the Securities and Exchange Commission's website (www.sec.gov).
The Corporation undertakes no obligation, other than as required by law,
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Learn more about Fulton Financial Corporation at www.fult.com.
Fulton Financial Corporation, a $20 billionLancaster, PA-based
financial holding company, has approximately 3,700 employees and
operates more than 240 offices in Pennsylvania, Maryland, Delaware, New
Jersey and Virginia through six subsidiary banks.
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Fulton Financial Corporation
Nicole Wamsley, 717-291-2831
Source: Fulton Financial Corporation