Truist Foundation Announces $1 Million Grant To Assist With Hurricane Milton Relief, Recovery Across Florida

Rhea-AI Summary

Truist Foundation has announced a $1 million grant to support relief and recovery efforts in Florida communities impacted by Hurricane Milton. This comes just two weeks after Hurricane Helene hit the area. The funds will be distributed to organizations including the American Red Cross, IT Disaster Resource Center, United Way Worldwide, World Central Kitchen, and Center for Disaster Philanthropy's Atlantic Hurricane Season Recovery Fund.

The grant aims to provide both immediate aid and long-term recovery support. This donation follows previous grants of $500,000 each for Hurricane Helene relief and support for Western North Carolina. Earlier this year, Truist Foundation also donated $1 million to the American Red Cross Annual Disaster Giving Program.

Positive

• Truist Foundation's $1 million grant demonstrates strong commitment to community support
• Partnerships with multiple reputable organizations ensure efficient distribution of aid
• Balanced approach addressing both immediate relief and long-term recovery needs

Negative

• Recurring natural disasters in Florida may lead to increased financial strain on Truist Foundation
• Frequent donations might impact Truist Financial 's (TFC) overall financial performance

Funds will help provide immediate and long-term resources to help communities in the storm's path get ready, respond and rebuild

CHARLOTTE, NC / ACCESSWIRE / October 8, 2024 / As another hurricane threatens the Florida Peninsula in the coming days, Truist Foundation today announced it will donate $1 million to support relief and recovery efforts in communities most impacted by Hurricane Milton - the second major hurricane expected to hit the area in the past two weeks. The funds will be distributed to the American Red Cross, IT Disaster Resource Center, United Way Worldwide and World Central Kitchen for immediate relief efforts as well as Center for Disaster Philanthropy's Atlantic Hurricane Season Recovery Fund for long-term efforts.

"Our teammates, clients and communities across the central coast of Florida are still picking up the pieces from Hurricane Helene, and now - just two weeks later - they are bracing for yet another major hurricane," said Lynette Bell, president of Truist Foundation. "Truist Foundation will continue caring for those in the path of Hurricane Milton alongside our trusted partners who are on the ground, providing essential aid to those impacted by the extreme storm surges and flooding, critical infrastructure damage and more resulting from this relentless hurricane season."

The selected organizations will use their grant funds to identify and deliver the most critical immediate community needs such as access to food, shelter, medical services, and technology connectivity. A portion of the donation will be focused on medium- and long-term recovery informed by disaster experts in partnership with those in the affected communities.

In the past two weeks, Truist Foundation announced an initial $500,000 grant to help prepare, respond and recover in communities impacted by Hurricane Helene as well as a second $500,000 grant to support the hardest-hit communities, including Western North Carolina. Additionally, earlier this year, Truist Foundation donated $1 million to the American Red Cross Annual Disaster Giving Program, designed to deploy assistance quickly to communities impacted by disasters such as hurricanes.

About Truist Foundation
Truist Foundation is committed to Truist Financial Corporation's (NYSE:TFC) purpose to inspire and build better lives and communities. The foundation, an endowed private foundation established in 2020 whose operating budget is independent of Truist Financial Corporation, makes strategic investments in a wide variety of nonprofit organizations centered around two focus areas: building career pathways to economic mobility and strengthening small businesses to ensure all communities have an equal opportunity to thrive. Embodying these focus areas are the foundation's leading initiatives - the Inspire Awards and Where It Starts. Learn more at Truist.com/Foundation.

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Media Contact:
Kristen Fraser, media@truist.com

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SOURCE: Truist

View the original press release on accesswire.com

FAQ

How much did Truist Foundation donate for Hurricane Milton relief?

Truist Foundation donated $1 million for Hurricane Milton relief and recovery efforts in Florida.

Which organizations will receive the Hurricane Milton relief funds from Truist Foundation?

The funds will be distributed to the American Red Cross, IT Disaster Resource Center, United Way Worldwide, World Central Kitchen, and Center for Disaster Philanthropy's Atlantic Hurricane Season Recovery Fund.

How much has Truist Foundation donated for hurricane relief in 2024?

In 2024, Truist Foundation has donated a total of $3 million for hurricane relief, including $1 million for Hurricane Milton, $1 million in two $500,000 grants for Hurricane Helene, and $1 million to the American Red Cross Annual Disaster Giving Program.

What is the stock symbol for Truist Financial ?

The stock symbol for Truist Financial is TFC.