Banc of California, a prominent regional bank based in Los Angeles, saw its stock soar by 5.06% in Tuesday's pre-market trading session. This surge can be attributed to the bank's proactive response and leadership in supporting the communities impacted by the devastating Southern California wildfires.
In a significant move, Banc of California announced the launch of the Banc of California Wildfire Relief & Recovery Fund, seeded with a $1 million donation from the bank itself. This charitable fund aims to address urgent disaster relief needs and facilitate longer-term rebuilding efforts for homes, businesses, and infrastructure affected by the unprecedented wildfire tragedy in the Los Angeles region.
Beyond the financial commitment, Banc of California demonstrated its dedication to the well-being of its employees and clients. The bank is providing temporary housing, rental cars, stipends, and counseling support to its team members who have been displaced by the wildfires. Additionally, relationship managers are proactively reaching out to clients to offer assistance during this critical time, showcasing the bank's commitment to its customer relationships.
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