Western Bank
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Benefits Program
In addition to base salary, employees receive compensation through incentives and participation in Western Bank's benefit programs. The amount of compensation an employee receives through benefits is increasingly becoming more valuable and more important.

Western Bank's benefit programs consists of:

Incentive Plan
Profit Sharing / 401K
Medical Insurance
Dental Insurance
Life Insurance
Short Term and Long Term Disability
Sick Pay
Vacation and Holiday Pay
Flexible Benefits
Employee Bank Accounts
Employee Loans

This employee benefit information is not a contract of employment and is not intended to create any contractual rights, either expressed or implied. The benefits described in this document are merely informational and may be changed or discontinued at any time, without prior notice by the company.

Please e-mail any questions you have regarding Western Bank's benefit program to Human Resources. Most messages are answered within 2 business days or less; however, some replies may require further investigation or clarification.

Incentive Plan:
All employees at Western Bank are eligible to receive incentives if pre-established goals and criteria are met during the course of the year.

Profit Sharing / 401k:
Upon hire employees are eligible to enroll in the Bank's 401k / Profit Sharing program during the next available enrollment period (i.e. either January 1 or July 1 of any given plan year) if they are 21 years of age or older. Employees may elect to contribute any percentage (in increments of 1%) of their pay. There is a maximum amount employees may contribute to 401k, which is adjusted each year for inflation by the IRS. Participants will receive a 100% match on the first 3% of their deferred contributions and a 50% match on the 4th and 5th% of their deferred contributions for a total of up to a 4% employer match. Participants are immediately vested in 401(k) deferrals and the company match.

At the same time an employee enrolls in Western Bank's 401k he/she will also be enrolled in the Bank's Profit Sharing program. The size of the profit sharing award is discretionary as approved by the Board of Directors. The receipt of any profit sharing award is dependent upon an employee working 1000 hours or more during that performance year and upon being employed by Western Bank on the last day of the performance year. The vesting schedule for profit sharing increases in 20% increments / year beginning after one year of employment. Employees are 100 % vested after six years of employment.

Medical Insurance:
Western Bank currently offers Health Partners "EZ Empower Plan" which is a High Deductible Health Plan partnered with a Health Savings Account. With this plan the employee is responsible for an annual deductible of $2000 for single and $4000 for single +1 or family. Once the annual deductible is met, in-network medical care is covered at 100%. The Health Savings Account (HSA) is an account owned by the employee where contribution to the account can be used to pay for the deductible as well as current or future medical expenses. If the employee does not use the monies in his/her HSA account, the account balance will roll over from year to year and may earn interest tax free at the federal level. Historically, Western Bank has contributed money to employees' Health Savings Accounts to help cover the cost of the deductible. The bank also contributes money toward employee premiums.

Dental Insurance:
If you are hired by Western Bank and work 30 hours or more per week, you will be eligible to enroll in our dental plan. You are able to enroll immediately in Western Bank's dental plan and participation will be effective the first of the month following your hire if you enroll. This coverage is through Delta Dental.

Life Insurance:
Western Bank currently provides life insurance coverage up to 2x salary at no cost to our employees. The employee may purchase additional term insurance.

Short Term and Long Term Disability:
Long Term Disability Insurance is available immediately to any employee hired who works 30 hours or more a week. This Long-Term Disability plan provides 60% coverage of base salary. Employees are also eligible for four weeks of Short-Term Disability coverage after one year of service. The length of Short Term Disability coverage increases based on an employee's length of service. There is 100% coverage of salary during the designated short-term disability time. There is no cost to the employee for either the Long Term or Short Term Disability Coverage.

Sick Pay:
All employees are eligible for paid sick leave up to six days per calendar year. Sick leave cannot be accumulated year to year, nor will it be paid to an employee upon termination of employment.

During the first three months of employment, an employee will not be paid for absences except those caused by jury duty, funeral, military or injury on the job. Upon satisfactory completion of the first three months of employment, an employee becomes eligible for paid sick leave for the remainder of the calendar year.

Sick leave can be used for personal illness as well as an absence required to care for a sick child or spouse.

Vacation and Holiday Pay:
Employees who work at Western Bank are eligible for vacation after 6 months of employment. The number of vacation days available to an employee depends on their position and length of service. Additional weeks of vacation are earned based on years of service.

Western Bank also grants employees paid days off during the year in observance of 10 holidays.

Flexible Benefits:
Flexible Benefits offer employees a way to make their benefit programs help meet their changing needs. Every employee has different family situations and different priorities for his/her compensation dollars. The Flexible Benefit Program responds to those varying needs and priorities by allowing the employee to spend more of his/her compensation dollars on a pre-tax basis (before Federal and State Income Taxes and Social Security Taxes are withheld). Thus he/she can avoid or defer some of his or her tax liability.

The Flexible Benefit Program affects three areas:
  • Medical
  • Dental
  • Dependent Care
Western Bank's flex election options are called:
  • Pre-tax Premium
  • Medical / Dental Reserve
  • Dependent Care Reserve

Employee Bank Accounts:
Active employees who qualify receive one free savings account and one free checking account that includes free printed checks and no minimum balance. Both accounts are interest bearing.

Employee Loans:
Underwriting of employee loans will be the same as other similar loans.

Consumer Loans
All employees are subject to the same underwriting guidelines as other applicants for that particular type of credit. If you are not a Regulation O Officer, discounts include:

  • HELOCs to employees with 80% LTV or less, the rate will be Prime + 0%.
  • Term Loans, excluding first mortgages, to employees will have a 1% discount.
  • 1st Mortgage employee loans greater than or equal to $50,000 will have only a 1/2% origination fee (instead of 1%).
  • Employee Overdraft Protection loans will have no discount.
Executive Officers under Regulation O shall not receive reduced rates or fees. If employment at Western Bank is terminated, any employee loan will revert to the regular rate in effect and be tied to a regular checking account, if applicable.