ESOPtober Facts: What Makes Our Employee Stock Ownership Plan Different
Throughout October, or as we like to call it around here, ESOPtober, we are celebrating our company’s Employee Stock Ownership Plan. And there is no better way to celebrate than by digging into a few facts about how our ESOP actually works.
USA Mortgage is proud to be 100 percent employee owned, and this plan was built to last.
Six Facts About Our ESOP
1. It started with a 2017 valuation.
Our ESOP was built on the 2017 year end financial valuation, which translated to a per share value of $5.95. The more profitable we become, the higher our valuations climb, and the more valuable every employee owner’s shares become.
2. It was designed for the long haul.
The plan was constructed around a 10 to 15 year timeline, built for long term stability rather than short term gains.
3. It is genuinely rare.
Our ESOP is a unique plan. As far as we know, there is only one other ESOP structured in a similar way.
4. Shares were disbursed immediately.
Eligible employee owners did not have to wait years to see their shares. They were disbursed right away.
5. Eligibility is straightforward.
All it takes to enter our ESOP plan is 160 hours worked.
6. It is fully employee owned.
Every ESOP is structured differently, and many companies offer 30 percent, 40 percent, or 50 percent employee ownership. Our ESOP is 100 percent employee owned, full stop.
We are proud of how the company has responded to the ESOP over the past two years, and we are even more excited about where it goes from here.
Stay tuned throughout the month for more ESOPtober facts, and if you are curious what it actually feels like to work somewhere you truly have a stake in, we would love to tell you more.
