The largest locally headquartered bank in Los Angeles has joined the city’s professional sports teams as a significant donor to relief efforts for the Maui wildfires.
Downtown-based City National Corp., a subsidiary of Royal Bank of Canada, is donating $100,000 to the American Red Cross Hawaii Wildfires fund and the Maui Strong Fund.
Maui Strong Fund, managed by the Hawaii Community Foundation, has received $56.6 million in donations as of Aug. 21. The non-profit has yet to specify what initiatives the money will support, but says it will support both immediate and long-term needs of residents and businesses affected by the wildfires.
This wildfire, now recognized as the deadliest in the U.S. in more than a century, destroyed the historic seaside community of Lahaina. The wildfire’s death toll has reached 115, with a further 388 people declared missing by Maui County as of Aug. 25.
“We are committed to helping with the recovery efforts by partnering with the American Red Cross and the Maui Strong Fund, to support both short-term relief and long-term rebuilding efforts,” said Kelly Coffey, chief executive of City National Bank.
The bank’s commitment comes amid broader local aid announced by big Los Angeles business. All 12 major Los Angeles professional sports teams made a collective donation of $450,000 to the American Red Cross’ relief efforts for the wildfire victims.
The estimated cost for rebuilding Lahaina, once the Hawaiian Kingdom’s capital, stands at a daunting $5 billion, according to early figures from the Pacific Disaster Center and the Federal Emergency Management Agency. FEMA has already approved more than $5.6 million in relief for affected Maui residents.
It should be noted that City National Bank’s donation announcement came the same day its parent company was badgered with questions about why the Los Angeles subsidiary reported a $38 million quarterly loss between May and July.
Amid pressure to conserve capital, the bank is reducing capacity following a $31 million settlement earlier this year in a U.S. Department of Justice lawsuit alleging redlining mortgage practices.
