401(k) Plan - This plan provides eligible employees a way to save money for retirement and receive matching contributions from Broadway Bank. Employees are eligible to participate as of the first of the month following 6 weeks from their date of hire and are automatically enrolled after the waiting period per to the plan guidelines. Employees can elect to save any percentage of their salaries up to the annual IRS maximum amount on a pre-tax basis for retirement. The Bank will match 50 cents on the dollar of the employee's contribution up to the first 6%. The Bank's match is subject to the Plan's vesting schedule
Annual Performance Incentive - Full and part time regular employees are eligible to receive an annual performance incentive. The bonus incentive is awarded based on criteria established by the Company’s Board of Directors. The bonus payout will be contingent on the Board’s assessment of the Company’s overall performance and the manager’s assessment of an individual’s performance. If funded, the bonus will be paid as a cash bonus and may be deferred into the 401(k) account as limits allow.
Annual Performance Review and Merit Increase - Full and part-time regular employees are eligible for an annual performance review and consideration for a merit pay increase. Performance reviews are conducted on an annual cycle. Merit increases are not guaranteed and are based on individual performance. When provided, a merit increase may accompany a performance review if the employee’s performance and salary level so warrant.
Time Off Benefits
Paid Time Off - The PTO plan features a single “bank” of time off where employees can plan for individual needs away from work.PTO can be used for vacation, illness, and any other personal time off needs employees may have. Employees may elect to carry over unused PTO time each year, with a max of an additional 80 hours added to their allotted PTO bank.
Paid Holidays - The bank recognizes the following as paid holidays each year:
New Year’s Day – Martin Luther King’s Day – President’s Day – Memorial Day – Independence Day – Labor Day – Columbus Day – Veteran’s Day – Thanksgiving Day – Christmas Day
Parental Leave - As a family friendly employer, we want to provide our team members the ability to spend time with new additions to the family without additional stress!
- Short-term disability insurance, 100% of premium paid by the Bank
- Up to 8 weeks of 100% paid leave for employees giving birth (first week covered through use of PTO)
- Up to 6 weeks of 100% paid leave for other parental leaves (first week covered through use of PTO)
Other Bank Benefits
Educational Assistance - The Bank will pay up to $1,000 per semester (up to $4,000 per year) for degrees for full-time and part-time employees who have been employed at least three months. Employees must earn a grade of "C" or better to receive reimbursement. A maximum of two courses or 6 hours per semester will be reimbursed. Reimbursement is offset by any scholarships or grants the employee may receive.
Anniversary Recognition – Employees’ and Directors’ length of service is recognized with the following cash awards:5 years - $100, 10 years - $200, 15 years - $300, 20 years - $400, 25 years - $500, 30 years - $600, 35 years - $700 and 40 years - $800.All cash awards are subject to federal taxation.
Free Checking Account - The Bank provides two free checking accounts to employees (or one free checking and one free savings account).
Free Small Safe Deposit Box - Employees are eligible to receive a small (2x5) safe deposit box and the Bank will waive the $15 monthly charge. The employee is responsible for set-up charges. For larger boxes, the $15 credit will be applied and the employee must pay the difference.
Reduced Loan Rates - Broadway Bank provides a service to employees by providing personal loans at a favorable interest rate. The same loan underwriting procedures used for customer loans will apply to employee loans.
Recruitment Referral Bonus Program - Full-time and part-time employees are eligible to receive $500 for successfully recruiting a non-exempt employee and $1,000 for recruiting an exempt or officer-level employee. The referred individual must identify the name of the employee referring him or her by the first day of employment. If the referred applicant is offered and accepts a full-time or part-time position with the Bank, the referring employee will receive $100.00 on the applicant's date of hire, and the remaining amount will be paid when the new employee reaches his or her 120-day anniversary. All cash awards are subject to federal taxation.
Attendance Award – The Bank recognizes full-time and part-time non-exempt employees with perfect attendance with a monetary award.
Floral Arrangements – The Bank provides flower arrangements for employees, spouses and immediate family members in the event of hospitalization or funeral.The Bank also provides for a baby gift for employees and spouses in the event of a birth or adoption of a child.
Parking – The Bank provides free parking to all employees, including the downtown Financial Center.
Mileage Reimbursement – The Bank reimburses mileage costs for employees who use personal vehicles for Bank business.The reimbursement rate will be at the prevailing IRS mileage rate.
Annual Employee Picnic – Employees and their families are invited to the Bank’s annual picnic.
Texas Mother-Friendly Worksite
Broadway Bank is an official designation and certified as a Texas Mother-Friendly Worksite.