Regions Bank will now handle the City of St. Louis’ payroll funds and Busey Bank will handle the city’s parking operation funds, St. Louis Treasurer Tishaura O. Jones announced last week. The new accounts will open in the coming months.
“As the city’s chief banking officer, I use my position to get the best deals for the city and our residents,” Jones said in a statement. “I always say ‘show me the data.’ We are happy to work with partners like Regions Bank and Busey Bank who support the city and financially empower the public. They put their money where their mouth is.”
The city used a competitive RFP process to ensure strong benefits for the city before choosing institutions. The new agreements include interest on the city’s deposits, likely to generate an increase of more than $100,000 annually, Jones said.
Regions will also provide new services for city employees, including waiving credit checks to help unbanked employees open bank accounts and build their credit. Both banks will continue to conduct public education programs through the Office of Financial Empowerment.
“Delivering financial education is one of the most powerful ways Regions Bank can serve our community and support our city’s employees,” said Mike Hart, Greater St. Louis market executive for Regions.
“We can connect people with information to help them save more money, plan for their future and achieve true financial security. We are proud to grow our collaboration with the St. Louis City Treasurer’s Office through this initiative and believe that our teamwork approach will benefit thousands of families across St. Louis.”
Brian Bjorkman, executive vice president and Busey’s regional president in St. Louis, said the bank uses the Office of Financial Empowerment “to identify and bridge the needs of our neighbors in St. Louis as we work hand-in-hand in our communities to create positive, lasting change where we live and work.”
To find out about public financial empowerment opportunities, visit the Treasurer’s Office of Financial Empowerment at stlofe.org.
Jones plans to raise minimum wages for office staff
Jones also plans to raise minimum wages for her office staff to $15 per hour in her budget for Fiscal Year 2020. The minimum wage increase would take effect for all departments she oversees, including Treasury, the Office of Financial Empowerment, and the Parking Division, which employs the largest number of workers.
She said the increase will help retain good employees and improve service during a strong labor market.
“Budgets are moral documents that reflect our values as a society. When I took over this office in 2013, employees were still making the federal minimum wage. We continue to invest in people with living wages, financial empowerment programs, and service improvements,” Jones said in a statement.
“A $15 minimum wage helps retain good employees and provide better service to the people of St. Louis. And we are providing not just jobs, but family-sustaining careers. This is the right thing to do to improve lives and improve service for the people of St. Louis.”
Jones shared the following minimum wage timeline for the office:
2012: Many employees earn the minimum wage of $7.35, even those who had worked in the office for decades.
2013: Jones increased minimum wages to $8.25 for part-time and $8.75 for full-time employees.
2014: Jones establishes a $10.10 minimum wage, as President Obama called for in his State of the Union speech.
2017: St. Louis votes to raise the minimum wage to $10. State lawmakers reverse the increase.
2018: Jones raises the minimum wage to $11, the “fair wage” that would have taken effect if St. Louis’s law had remained in effect.
2019: Jones announces plan to raise minimum wage to $15.
More money in the pockets of St. Louis workers is also expected to help support the local economy.
