As communities across Los Angeles County grapple with the havoc caused by multiple wildfires spanning tens of thousands of acres, local financial institutions have found ways to help.

East West Bank turned its focus to those affected by the Eaton Fire which began in Altadena before spreading to Pasadena, where East West is headquartered.

Dominic Ng, the bank’s chief executive and chair, pledged $250,000 to the Pasadena Community Foundation’s Eaton Fire Relief and Recovery Fund, which supports community members impacted by the fire as well as nonprofits dedicated to disaster-related services.

Because of its deep roots in Pasadena and the surrounding cities, Ng said the bank knows which organizations can truly make a difference.

“Our hearts go out to those who have experienced loss and have been deeply impacted by these devastating fires,” Ng said at a press conference held at Pasadena City Hall last week. “… This town means a lot to us… and to see the Eaton Fire and the devastation it has caused … is really, really heartbreaking.”

Ng also emphasized that this donation is “just a start” and he hopes East West’s action will inspire others to follow suit.

“Through these shared efforts and collective resilience, we will rebuild, restore and emerge stronger together,” he said.

Across town, Brentwood-based Banc of California launched its own “Wildfire Relief & Recovery Fund” designed to “address urgent, ongoing disaster relief and recovery needs, as well as longer term rebuilding of communities, homes, businesses and infrastructure impacted by this unprecedented disaster in the Los Angeles region,” according to a press release.

Banc of California seeded the fund with a $1 million donation and has also pledged to match contributions from its employees. The institution also plans to develop recovery-based lending programs.

“The wellbeing of everyone affected by these fires remains at the front of our hearts and minds,” Chief Executive Jared Wolff said in a statement. “As a bank that deeply values relationships, we are dedicated to being there for our clients every step of the way and helping to rebuild our communities stronger than ever before.”

City National Bank, along with its owner, Royal Bank of Canada, will donate $3 million to the following organizations to support critical wildfire relief efforts: American Red Cross, Community Build Inc., Entertainment Industry Foundation, International Medical Corps, Neighborhood Housing Services Los Angeles County, United Way of Greater Los Angeles, West Los Angeles Community Development Corporation, World Central Kitchen and YMCA of Metro Los Angeles. 

RBC is also contributing an additional $250,000 to the American Red Cross Disaster Responder Program.

Howard Hammond, president and chief executive of the downtown-based bank, stressed that the efforts to rebuild L.A. will take time.

“Our clients, colleagues and communities are suffering unimaginable devastation,” Hammond said. “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.”

Recognizing the financial toll the disaster has on those impacted, the California Credit Union will offer special relief programs including loan payment assistance, allowing members to skip a payment on auto or personal loans. Additionally, the Glendale-based institution will allow penalty-free, early withdrawals from certificate accounts and will give clients the chance to apply for personal loans at a rate that is four percentage points lower that the institution’s current lowest rate. This can be up to two times a client’s most recent paycheck, up to $3,000.

Organizations outside of L.A. County are also stepping up to offer relief.

The Small Business Administration – whose administrator Isabel Guzman is originally from Burbank – is offering loans with rates as low as 4% for businesses, 2.56% for homeowners and renters, and 3.63% for private nonprofits affected by the wildfires. 

For businesses, these loans can be up to $2 million. This includes loans to local businesses who may not have been physically impacted by the fires but are taking hits to their working capital due to consequences from the devastation. 

Disaster loans for homeowners can be up to $500,000 for damaged real estate property plus an additional up to $100,000 for personal property. Renters can also be eligible for the latter.