MidWestOne Bank Initiates New Ways To Support Its Workforce

IOWA CITY, Iowa, Dec. 11, 2017 /PRNewswire/ -- MidWestOne Bank, a subsidiary of MidWestOne Financial Group, Inc., today is announcing the addition of a Student Loan Debt Reduction benefit to their Educational Assistance Program. This new employee benefit will help its workers pay off student loans more quickly through contributions from the Company. The benefit is available to full-time and part-time employees across MidWestOne's 44 bank locations spanning Iowa, Colorado, Florida, Minnesota and Wisconsin. 

As part of the benefit, MidWestOne employees will receive student loan contributions of $50 - $100 per month, based on their employment status and years of service. To qualify for the program, an employee must work a minimum of 28 hours per week and have at least 30 days of service.  Employer contributions are applied toward principal repayment, helping employees retire their debt faster.

The program is being administered by Tuition.io, a leading platform for student loan repayment assistance. MidWestOne is utilizing Tuition.io's technology to coordinate payments directly to its employees' student loan service providers. Scott Thompson, CEO of Tuition.io, said, "In a time when student loans are among the highest form of debt in the country, this type of tangible benefit leads to happier and more engaged employees."

"Our core mission has always been to take care of our customers, and we feel just the same about our employees. Helping our employees pay down their student debt faster isn't just a great employee benefit, it's the right thing to do," said Charles N. Funk, President and CEO of MidWestOne Bank. "Only about 4% of employers in the country offer a program like this and I'm so proud to offer it to our staff."

Americans have approximately $1.4 trillion in student loan debt and research has shown the pressure of student debt is causing today's workforce to delay marriage and home purchases, start a family and more.

Beyond the more typical benefits such as paid-time-off, 401(k) contributions, HSA contributions, and flex spending accounts, MidWestOne also offers an employee stock ownership plan and reimburses 70% of monthly parking rates in its metro areas. "A few of our locations are in metro centers that rely on public parking facilities or public transportation," said Cathleen Weber, Vice President, Human Resources. "The bank supports these staff members with a significant reimbursement for parking costs."

While personal and family health insurance is a hot topic across the country, MidWestOne looked at its benefit programs more broadly and added pet health insurance to its employee voluntary benefits offering. The optional insurance covers accidents, illnesses, advanced care and preventative care for furry and feathered friends.

"Our employee benefits and services package is designed to fit individual needs, no matter what stage of life the employee is in. We've listened to our employees and have developed benefit solutions that help set MidWestOne apart from competing workplaces," said Soni Harney, Senior Vice President, Human Resources. "We've thought outside the box in some instances, with the recent addition of pet insurance and participating in National Take Your Dog to Work Day in June of this year. With our canine companions in the workplace that day and by accepting donations from our customers and staff to our local community animal shelters, we wanted to make a difference. Our employees and customers loved it."

About MidWestOne Financial Group, Inc.

MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates 44 banking offices in Colorado, Florida, Iowa, Minnesota, and Wisconsin, and MidWestOne Insurance Services, Inc. in Iowa. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.com. MidWestOne trades on The NASDAQ Global Select Market under the symbol MOFG.

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SOURCE MidWestOne Financial Group, Inc.