Bank of America Provides $1.1 Million to Support Texans and Communities Impacted by Winter Storm

Rhea-AI Summary

Bank of America has announced a commitment of $1.1 million to assist Texas communities recovering from a severe winter storm. This includes $250,000 to the American Red Cross and Feeding Texas, with the remainder directed to local nonprofits for shelter, food, and essential supplies. Funds will also match employee donations through March 26. Contributions include $100,000 for Austin housing repairs, $300,000 for Dallas food banks, $350,000 for Houston relief efforts, and $100,000 for San Antonio charities. Over 5,600 cases of water and various supplies were distributed to employees.

Positive

• Total commitment of $1.1 million to local Texas communities, enhancing corporate social responsibility.
• $250,000 allocated to the American Red Cross significantly boosts relief efforts.
• Matching employee donations through March 26 encourages employee engagement and community support.
• Direct support to targeted areas in Texas shows a strategic response to community needs.

Negative

• None.

Bank of America today announced a $1.1 million commitment to address local needs across Texas as communities continue to recover from a devastating winter storm that left dozens dead and millions without power or safe drinking water. This includes $250,000 from the Bank of America Charitable Foundation to the American Red Cross in support of its work across all of the states impacted by the storm and to the Feeding Texas network. The remaining $900,000 will be distributed to local nonprofits across Texas as they work closely with communities in need to provide shelter, water, food and essential items.

“I am always impressed by the resilience of Texans and our Bank of America employees,” said Nikki Graham, Austin Market President of Bank of America. “From the Rio Grande Valley to the panhandle, this winter storm affected the entire state, including our 19,000 employees in Texas, and for many, the recovery is just beginning. Bank of America will continue to provide support to help individuals, families, and businesses move past this deadly storm.”

Additionally, the Bank of America Charitable Foundation will match all employee gifts dollar-for-dollar to relief agencies through March 26. Bank employees can also donate matched funds to their colleagues through Bank of America’s Employee Relief Fund, which provides short-term assistance to teammates experiencing significant financial hardship as a result of a natural disaster, family emergency or other unexpected events.

Bank of America’s local market contributions include:

• Austin: $100,000 in support of emergency related and ongoing housing repair efforts to keep people in their homes.
• Dallas/Ft. Worth: $300,000 to support CitySquare, Minnie’s Food Pantry, the North Texas Food Bank, the Tarrant Area Food Bank and The Family Place.
• Houston: $350,000 to support the Houston Food Bank, Alliance of Community Assistance Ministries, the Houston-Harris County Winter Storm Relief Fund and the Houston Area Urban League.
• San Antonio: $100,000 to support Haven for Hope and the San Antonio Food Bank.

In total, more than 5,600 cases of water, 3,600 meals, 900 hygiene kits, 200 blankets, 400 flashlights and various other items were provided to Bank of America teammates across Texas during the storms, as well as temporary shelter and places to warm up.

Bank of America has a longstanding commitment to responding to communities in times of disaster, including natural disasters, humanitarian crises and civil strife. Bank of America is committed to helping clients, employees and nonprofits navigate difficult times by providing the right resources to recover and rebuild.

For Bank of America clients needing financial support as a result of the storm and the resulting impacts, the Client Assistance Program is available to assist with specific needs.

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

www.bankofamerica.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210224006041/en/

FAQ

What is Bank of America's recent donation for Texas storm relief?

Bank of America announced a $1.1 million commitment to assist Texas communities recovering from a winter storm.

How much is Bank of America donating to the American Red Cross?

Bank of America is donating $250,000 to the American Red Cross.

What is the purpose of Bank of America's $1.1 million commitment?

The funds aim to provide shelter, food, and essential supplies for communities affected by the winter storm.

How will employee donations be matched by Bank of America?

Bank of America will match employee donations dollar-for-dollar to relief agencies through March 26.

What specific allocations did Bank of America make for different Texas cities?

Allocations include $100,000 for Austin, $300,000 for Dallas, $350,000 for Houston, and $100,000 for San Antonio.