City National Bank and RBC announce $3 million donation to support wildfire relief efforts in Southern California

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Jan 15, 2025, 14:15 ET

LOS ANGELES, TORONTO, NEW YORK, and MINNEAPOLIS, Jan. 15, 2025 /PRNewswire/ - Royal Bank of Canada (RBC), together with City National Bank, announced they are donating US$3 million to support victims of the devastating wildfires in Southern California.

This donation includes contributions from City National Bank, RBC and RBC Foundation USA to support the 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 Angeles Community Development Corporation, World Central Kitchen and YMCA of Metro Los Angeles. As part of this commitment, RBC is contributing $250,000 to the American Red Cross (ARC) Disaster Responder Program, which helps the ARC have the critical systems and supplies in place to respond immediately to disasters.

"Our thoughts are with the tens of thousands of families that have been impacted, including clients, colleagues and their loved ones, and the response teams working tirelessly to battle the fires and provide relief," said Dave McKay, president and CEO, RBC. "We will continue to closely monitor the situation and prioritize the safety of our colleagues while supporting our clients during this devastating time."

"As the largest bank headquartered in Los Angeles, this tragedy is deeply personal for us. Our clients, colleagues and communities are suffering unimaginable devastation," said Howard Hammond, president and CEO of City National Bank. "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."

City National is also working closely with impacted clients to assess their individual needs during this time. Additional information is available at cnb.com/disaster.

In addition to external contributions, RBC and City National are committed to supporting their employees affected by the fires through a broad range of assistance programs – including tax-free grants through the City National Colleague Fund and a newly introduced Immediate Response Program to address immediate expense needs. Both banks have also launched internal donation campaigns, providing employees with the opportunity to contribute directly to critical relief efforts.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

About City National

City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $94 billion in assets as of October 31, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $103 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.