#United States #Los Angeles #Wildfire Relief #RBC #City National Bank

Generous Donation for Wildfire Relief

In a significant act of compassion, the Royal Bank of Canada (RBC) and City National Bank are joining forces to provide critical support for the victims impacted by the catastrophic wildfires ravaging Southern California. The banks have announced a combined donation of $3 million aimed at providing immediate aid to affected individuals and communities.

This generous financial assistance is a culmination of contributions from RBC and City National Bank, alongside the RBC Foundation USA. The funds will be directed towards several esteemed organizations involved in relief efforts, including the American Red Cross, Community Build Inc., Entertainment Industry Foundation, and others renowned for their effective response strategies.

As part of their commitment to disaster responsiveness, RBC has allocated $250,000 to support the American Red Cross Disaster Responder Program. This program is pivotal in ensuring the organization has necessary resources and systems ready to engage instantly in crisis scenarios.

Leadership Comments

Dave McKay, President and CEO of RBC, expressed deep concern for the vast number of families who have been affected, acknowledging the critical work undertaken by emergency teams battling the fires: "Our thoughts are with the tens of thousands of families that have been impacted, including clients, colleagues and their loved ones, and the response teams working tirelessly to battle the fires and provide relief. We will continue to closely monitor the situation and prioritize the safety of our colleagues while supporting our clients during this devastating time."

Howard Hammond, the President and CEO of City National Bank, shared a heartfelt sentiment regarding the tragedy: "As the largest bank headquartered in Los Angeles, this tragedy is deeply personal for us. Our clients, colleagues and communities are suffering unimaginable devastation. We know we have an important role to play in helping address both the immediate needs in the wake of these fires as well as in the long-term work to rebuild."

Ongoing Support

City National Bank is also actively engaging with impacted clients to evaluate individual needs during this challenging time. For those seeking guidance and assistance, additional information is available online at cnb.com/disaster. In tandem with their external philanthropic efforts, both RBC and City National are committed to supporting affected employees through various assistance programs, which include tax-free grants facilitated via the City National Colleague Fund. A newly introduced Immediate Response Program has also been launched, tailored to address urgent expense requirements.

Both banks are mobilizing internal donation campaigns as well, allowing employees to make direct contributions to the ongoing relief efforts.

About the Banks

Founded in 1864, RBC is a global financial institution grounded in a purpose-driven approach, employing over 98,000 individuals dedicated to serving over 18 million clients worldwide. Its commitment to community initiatives is evident in its robust community investment strategies and employee volunteer activities.

Equally notable, City National Bank, which operates as a subsidiary of RBC, boasts the distinction of being the largest bank headquartered in Los Angeles, holding $94 billion in assets as of October 31, 2024. Since its inception in 1954, City National has prioritized community support, recently donating over $11 million to nonprofits committed to bettering the local landscape.

In gathering momentum for these pivotal relief initiatives, both RBC and City National Bank stand firm in their resolve to work collaboratively towards rebuilding and helping the Southern California communities regain stability during these turbulent times.