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Bank of America, which has 209 branches in Massachusetts, announced earlier this week that it will raise its minimum wage to $20 per hour over a two-year period.

The increase will occur in increments. The minimum hourly wage will increase to $17 on May 1, 2019, and will continue to rise until it reaches $20 in 2021.

“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” Sheri Bronstein, chief human resources officer at BofA, said in a statement. “Saying thank you, celebrating great work and sharing our success further demonstrate our commitment to being a great place to work.”

BofA’s minimum wage has increased by more than $4 per hour since 2010 – two years ago, the company raised it to $15 per hour, and the minimum wage is higher today. The average rate for all U.S. hourly employees is significantly above this level.

The move one-ups the community banks that earlier this year used savings from the latest tax reform law to increase minimum wage to $15 per hour.