Disaster recovery

Disaster relief is capturing a large share of philanthropic giving from banks such as Truist Financial and Western Alliance Bank.

Financial services providers in the region say they're ready to do their part rebuilding Southern California after a series of devastating fires. For many regional and community banks, initial fire-damage surveys identified limited impact.

Bankers are putting pre-established action plans for disaster recovery into motion as wildfires in Los Angeles sweep across the region.

The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.

Queensborough National Bank & Trust did not expect that its branches would be in the path of Hurricane Helene. Getting its buildings up and running again was a physical and technological ordeal.

Financial institutions are on the front lines of relief efforts in Tennessee and North Carolina, while in Florida, Hurricane Milton threatens to deal a second blow.

Banks in the hurricane's path are focused on finding employees and restarting operations. Those that do business in Western North Carolina are facing an especially grueling recovery.

Leaders of financial institutions and industry trade groups are working together to provide impacted communities across the U.S. with basic necessities and quick, online emergency loans.

The utility, under financial pressure following its involvement in the 2023 fires that ravaged Maui, reportedly is considering a sale of its profitable American Savings Banking unit. An executive declined to "speculate on any strategic transactions or alternatives."

The island state's biggest banks — which reported lower profits in the third quarter — say it is too soon to fully assess the economic fallout from the deadly August wildfires. The rebuilding effort could boost near-term deposit growth and long-term loan demand, they said.