Bank of Hope Pledges $100,000 for Wildfire Support Efforts

Bank of Hope's Commitment to Community Support

Bank of Hope, renowned for its deep roots in the community, has stepped forward with a significant donation in response to the wildfires that have recently devastated Los Angeles. The bank has pledged $100,000 to the United Way of Greater Los Angeles Wildfire Response Fund, showcasing its dedication to aiding those in need during this challenging time.

Details of the Relief Plan

The relief plan put forth by Bank of Hope comes as a multipronged approach, designed to address both immediate needs and long-term support for the affected communities. According to Kevin S. Kim, the bank's Chairman, President, and Chief Executive Officer, this initiative reflects the bank's recognition of its role in the community, especially during crises when support is paramount.

Corporate Donation to United Way

As part of its relief efforts, Bank of Hope has made a corporate donation of $100,000. These funds will assist United Way in addressing urgent needs arising from the wildfires. The response fund will provide essential support for low-income families, assistance for those experiencing homelessness, and resources for community organizations facing disruption.

Employee Contributions Matched

In addition to the corporate donation, Bank of Hope is encouraging employee contributions to amplify the support provided to wildfire victims. The bank is matching every dollar donated by employees to maximize the impact of their philanthropic efforts. This collaborative effort within the bank underscores a strong sense of community and teamwork among its staff.

SBA Disaster Assistance Guidance

Bank of Hope is also assisting customers impacted by the wildfires through guidance on U.S. Small Business Administration (SBA) Disaster Assistance. Customers can reach out to designated representatives who can help them navigate the applications for SBA disaster loans and provide essential resources throughout the process.

Mortgage Relief for Affected Customers

Recognizing the financial strain faced by homeowners impacted by the fires, Bank of Hope is offering mortgage relief options. Customers whose properties have been affected can contact the mortgage customer service line to seek assistance, demonstrating the bank's commitment to supporting its clients during hardships.

Bank of Hope's Community Role

Throughout this crisis, Bank of Hope remains vigilant in its support for customers and communities alike. Kim has confirmed that all branches in Los Angeles County are currently operating normally, with no damage reported to their facilities. The bank is proactive in reaching out to customers, ensuring they are informed of available support options.

About Bank of Hope

Established as the first and only super regional Korean American bank in the United States, Bank of Hope, a wholly owned subsidiary of Hope Bancorp, Inc. (NASDAQ: HOPE), boasts total assets of approximately $17.35 billion as of the most recent reports. With headquarters in Los Angeles, the bank serves a diverse customer base across various states, offering a full range of banking products including commercial loans, residential mortgages, and specialized financial services. Its commitment to serving the community is demonstrated through both corporate philanthropy and comprehensive financial solutions. By focusing on customer needs and providing robust community support, Bank of Hope continues to play a critical role in fostering resilience and recovery in the face of adversity.

Frequently Asked Questions

What is the purpose of Bank of Hope's $100,000 donation?

The donation aims to support victims of the Los Angeles wildfires, specifically through the United Way of Greater Los Angeles Wildfire Response Fund.

How will Bank of Hope's donation be utilized?

The funds will assist in addressing urgent needs such as support for impacted families, those experiencing homelessness, and community organizations.

What additional support is being offered to employees of Bank of Hope?

Bank of Hope is matching employee donations dollar-for-dollar to enhance the impact of contributions made to wildfire relief efforts.

How can customers affected by the wildfires receive assistance?

Affected customers can contact Bank of Hope's SBA department for guidance on disaster assistance and financial support resources.

Does Bank of Hope offer mortgage relief options?

Yes, customers whose homes were impacted can contact Bank of Hope's mortgage service line for assistance with mortgage relief options.

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