FARGO, N.D. – A bank is giving its full-time employees $1,000 each and part-time employees $500 each. There's one condition — use it for people in need.
State Bank & Trust Chief Operating Officer Michael Solberg said each full-time employee will receive $1,000 and each part-time employee will receive $500, as part of a $502,000 "Pay it Forward" initiative.
"We're going to really see some huge impact on our community," Solberg said.
Employees were told not to use the money for themselves, their families or families of other bank employees. The bank asked each employee to document the good deed with a video camera. The deadline is June 30.
The employees were told they may choose an individual cause, pool their money for a larger project or collaborate with donors outside the bank. The privately owned bank has more than 500 employees, he said.
The bank made the announcement over the weekend.
In previous years, the Fargo-based bank has taken 5 percent of the company earnings and divided it up at holiday time among employees.