 |
Public Relations >> Press
Release, November 5, 2003
Press Release
Contact: Anissa Yates
For Release: 11/05/03
916/441-7377
California banks respond to wildfire crisis
Members of California Bankers Association provide much-needed
relief to victims
SACRAMENTO - November 5, 2003 - Though the wildfires
in Southern California are being contained by firefighters, the
concerns of the fires' victims continue to surface. Families put
in crisis by the devastating wildfires are looking for assistance,
and many of California's banks are responding to that call.
Following is a sampling of what many Southern California
banks and financial services companies, which are members of the
California Bankers Association, are doing to assist victims of
the wildfires:
-
1st Centennial Bank - 1st Centennial Bank will offer abatements
on payments for up to six months for those customers affected
by the fires and will also reduce fees on construction and
home improvement loans.
-
American Express - The American Express Foundation has made
a contribution of $100,000 to the Red Cross Southern California
Wildfire Fund and is matching donations made by employees
to the Red Cross and other relief agencies.
-
Bank of America - Bank of America has contributed $500,000
to the Red Cross Southern California Wildfire Fund and is
also making available to its affected customers special home
equity loans, which can be secured below the current interest
rate and are fee- and points-free. Also available at Bank
of America are emergency Visa and MasterCard lines-of-credit
increases, a waiver on all early withdrawal bank penalties
on IRA accounts and payment deferment for small businesses
affected by the wildfires.
-
San Diego National Bank - San Diego National Bank contributed
$5,000 to the Red Cross Southern California Wildfire Fund
and is holding a food drive for families affected by the wildfires.
San Diego National Bank is also a key figure in the "Return
to Normalcy" and "Project Phoenix" programs
in Scripps Ranch.
-
Union Bank of California - Union Bank of California donated
$175,000 to the Red Cross Southern California Wildfire Fund.
-
Washington Mutual -- Washington Mutual donated $250,000 to
the Red Cross Southern California Wildfire Fund. They are
also reducing the current rate on home equity loans by .25
percent for affected customers and will expedite the disbursement
of loan funds to fire victims.
-
Wells Fargo - Wells Fargo made a contribution of $250,000
to the American Red Cross. It is also waiving early withdrawal
penalties on consumer and business time deposits. Wells Fargo
is also increasing credit lines for its Visa and MasterCard
customers and will work with qualified customers who may be
eligible for special assistance on their monthly credit card
payments. In addition, Wells Fargo is offering emergency unsecured
loans of up to $25,000 at a special rate of 4.75 percent,
will increase home equity lines for existing customers up
to $25,000 and will allow deferred payments, bridge loans,
temporary line increases or short-term emergency loans for
small business owners affected by the fires.
Information about CBA
Established more than 110 years ago, the California Bankers Association
(CBA) is one of the largest state banking trade associations in
the country. CBA leads the way in developing relevant educational
and legislative solutions to some of California's more pressing
financial and banking issues, including financial privacy, predatory
lending, usage fees, and financial elder abuse. CBA's membership
includes more than 300 of California's commercial, industrial
and community banks and savings associations.
|
|
