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FSB announces minimum wage increase to $15

October 30, 2019

New minimum wage more than doubles NH’s minimum wage of $7.25 an hour.

Ron Magoon, President & CEO, announced a significant change in the bank’s salary administration program, which increased the minimum wage for all employees to $15 an hour. This change became effective on October 1st to coincide with the beginning of the bank’s new fiscal year.

“I am honored to work with such an amazing and talented team at Franklin Savings Bank. This increase to our starting wage reaffirms our commitment to attracting and retaining the industry’s best,” said Ron Magoon. “We are in a highly competitive environment, so it is important that our salary and benefit programs continue to evolve to meet the needs of our staff.   In order to remain successful, we need to retain the best people as well as attract talented individuals who will share our passion for providing our customers with outstanding service.”

In addition to the increase in FSB’s starting wage, the bank continually invests in its employees by offering a benefits package that includes a bank-funded pension plan, tuition assistance/reimbursement, 401(k) plan with an automatic 3% contribution by the bank into each employee’s account on each pay date, generous time off, 16 hours of employee-directed volunteer time, gym membership reimbursement, life and medical insurance, and more.

Magoon noted, “The incredibly competitive financial services industry requires us to differentiate ourselves on quality service and the “customer experience”. To remain successful with achieving this requires us to have talented and dedicated employees, like we have today. Our success has been, and always will be, dependent upon our people.”

FSB employs 128 employees of which 37% have more than 10 years of service.

Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering a full array of commercial lending, personal banking and investment services throughout the Central Lakes Region and southern New Hampshire. Headquartered in Franklin, the Bank has offices in Bristol, Boscawen, Tilton, Gilford, Merrimack and Goffstown, as well as an office in Bedford for business lending. The Bank also offers investment, insurance and financial planning services through its wholly-owned subsidiary, Independence Financial Advisors. As a recognized leader in providing the latest in financial services technology, Franklin Savings Bank remains committed to serving the needs of businesses, families and the communities it serves, through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.

Since 2009, Franklin Savings Bank has donated over 11% of its net income to charity. Visit to learn more or follow the bank on Facebook, LinkedIn, Twitter and YouTube.

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