HOUSTON, Aug. 28, 2017 /PRNewswire/ -- BBVA Compass, whose holding company is headquartered in Houston and which has a significant presence in the city, announced today that its foundation will donate $250,000 to the American Red Cross and the Hurricane Harvey Relief Fund to aid disaster recovery efforts in Texas. The bank also plans to raise, online and at its branches, up to $250,000 in employee and customer contributions to the two organizations for a total contribution of up to $500,000.
It will be one of the bank's biggest philanthropic responses to a natural disaster since BBVA Compass formed in 2007. The devastating flooding from Hurricane Harvey is estimated to be the worst the area has ever seen, and officials are saying it will take months to recover. BBVA Compass itself is still assessing its property damages from the storm, with some flooding reported in its branches, and has mobilized a Disaster Relief Fund for its employees who are reporting property losses. The funds for the American Red Cross and the Hurricane Harvey Relief Fund, administered by the Greater Houston Community Foundation, will come both from the BBVA Compass Foundation, and from employee and customer donations.
"People have suffered greatly, and this is a time when we all must come together to put the pieces of our communities back together again," said BBVA Compass CEO Onur Genç. "These donations are designed to help as many people as we can rebuild their lives."
The latest cost assessment from the American Red Cross to provide its disaster relief and recovery operations is more than $20 million and growing in the region. The BBVA Compass Foundation's donation to the American Red Cross and Hurricane Harvey Relief Fund will help support overall response and relief efforts, including shelters' meals, social services, financial assistance for affected families, neighborhood cleanups, and ongoing counseling and casework efforts to determine how many residents have lost their homes. The funds are designed to assist rebuilding efforts in the 54 counties that are now on the Governor's State Disaster Declaration.
BBVA Compass also plans to make limited-time offers to consumers and small business clients to assist as they rebuild. Details will be available soon at branches and by calling (800) 266-7277.
To learn more about BBVA Compass, visit:www.bbvacompass.com or follow @BBVACompassNews on Twitter.
BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group is the largest financial institution in Spain and Mexico and it has leading franchises in South America and the Sunbelt Region of the United States; and it is also the leading shareholder in Garanti, Turkey's biggest bank for market capitalization. Its diversified business is focused on high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. More information about BBVA Group can be found at bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 651 branches, including 337 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 38 in Colorado and 18 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 5th nationally in the total number of SBA loans originated in fiscal year 2016. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter or visit newsroom.bbvacompass.com.
Compass Bank, member FDIC, and an Equal Housing Lender