BofA Directs Additional $1 Million to Los Angeles Nonprofits for Evolving Fire Recovery Needs

Rhea-AI Summary

Bank of America (NYSE:BAC) has announced an additional $1 million in philanthropic funding to Los Angeles nonprofits for wildfire recovery efforts, bringing its total fire-related contributions to over $3.5 million. The funding supports various recovery initiatives, including small business reopening, legal assistance, insurance navigation, and health services.

The bank has directed $400,000 specifically to small businesses through local Community Development Financial Institutions (CDFIs). Additionally, BofA is rebuilding two financial centers in Altadena and Pacific Palisades that were destroyed by fires, and has successfully helped over 2,000 safe deposit box clients recover their possessions from the destroyed locations.

Positive

• Committed over $3.5 million in total fire-related contributions
• Allocated $400,000 to support small businesses through CDFIs
• Successfully reunited 2,000+ safe deposit box clients with their possessions
• Commitment to rebuild permanent financial centers in affected communities

Negative

• Two BofA financial centers destroyed by fires in Altadena and Pacific Palisades

News Market Reaction

-3.10%

1 alert

-3.10% News Effect

On the day this news was published, BAC declined 3.10%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Latest Round of Grants Brings BofA Fire-Relief Contributions to Over $3.5 Million

LOS ANGELES, July 7, 2025 /PRNewswire/ -- As Los Angeles hits six months since the onset of the January wildfires, Bank of America continues to support impacted clients, employees and communities and their evolving recovery needs. Most recently, BofA directed more than $1 million in additional philanthropic capital to local nonprofits that are providing resources ranging from helping small businesses reopen and families navigate complex legal, insurance and debris removal needs, to providing health and trauma counseling, as well as ongoing housing and supplemental food resources.     

The latest round of giving brings BofA's total fire-related contributions to more than $3.5 million, in addition to helping thousands of its clients and hundreds of employees and their families with their recovery needs. These efforts have been led by Bank of America Business Banking president Raul A. Anaya, an Angeleno who was tapped by company CEO Brian Moynihan to focus full time on leading the company's recovery efforts.

"Having helped clients through disasters over many years, Bank of America has the expertise, capital and connections to help Los Angeles rebuild following this tragedy. From our immediate initial response to the fires in January to pivoting as needs change over time, our aim is to help all Angelenos recover. We're doing this together with the region's incredible public, private and nonprofit sectors," said Anaya.

Small business relief and recovery have been a notable focus for the bank, including $400,000 recently directed to small businesses through three local Community Development Financial Institutions (CDFIs) to provide technical coaching and low-cost microloans. This is in addition to funding and support to chambers of commerce and other business support entities, as well as awarding BofA grants directly to impacted small businesses. 

Additionally, having two of its own financial centers destroyed by the fires in Altadena and the Pacific Palisades, BofA quickly opened a temporary mobile center and has committed to rebuilding new permanent financial centers in those communities. The company also leveraged its vast experience to successfully reunite more than 2,000 safe deposit box clients with their possessions from the two locations that were destroyed by the fires, thanks to a team of nearly 100 vault and safe box experts.

Bank of America leaders have also been working with government officials and other leaders on ways to help impacted homeowners and communities through issues ranging from insurance challenges to rebuilding needs.

For impacted individuals, businesses and communities, Bank of America's new Helping Los Angeles Rebuild webpage provides a one-stop-shop with helpful information and resources.

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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital 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 4 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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.

Reporters may contact:

Colleen Haggerty, Bank of America 
Phone: +1.213.621.7414
colleen.haggerty@bofa.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/bofa-directs-additional-1-million-to-los-angeles-nonprofits-for-evolving-fire-recovery-needs-302499293.html

SOURCE Bank of America Corporation

FAQ

How much has Bank of America (BAC) contributed to Los Angeles wildfire recovery in 2025?

Bank of America has contributed over $3.5 million in total fire-related support, with the latest round adding $1 million in philanthropic funding to Los Angeles nonprofits.

What specific support is BAC providing for small businesses affected by the LA fires?

BAC is providing $400,000 through local CDFIs for technical coaching and low-cost microloans, plus additional funding to chambers of commerce and direct grants to impacted small businesses.

How many BAC financial centers were damaged in the Los Angeles wildfires?

Two Bank of America financial centers were destroyed by the fires, located in Altadena and Pacific Palisades. The bank has opened temporary mobile centers and committed to rebuilding permanent locations.

What happened to Bank of America safe deposit boxes affected by the LA fires?

Bank of America successfully reunited more than 2,000 safe deposit box clients with their possessions from the two destroyed locations, utilizing a team of nearly 100 vault and safe box experts.

Who is leading Bank of America's fire recovery efforts in Los Angeles?

Raul A. Anaya, Bank of America's Business Banking president, was appointed by CEO Brian Moynihan to lead the company's recovery efforts full-time in Los Angeles.