City National Bank Donates $2 Million to Support Communities Affected by Coronavirus Pandemic
March 24, 2020
LOS ANGELES — City National Bank, America’s Premier Private and Business Bank®, today announced that it will donate $2 million to help communities, clients and colleagues in need deal with the unprecedented and rapidly escalating humanitarian, healthcare and financial challenges caused by the COVID-19 pandemic.
“In this time of crisis, we must all work together to support our communities, colleagues and clients as they face the challenges of the global pandemic,” said City National Bank Chief Executive Officer Kelly Coffey. “Our donations are in addition to the work we are doing with our clients to support them through this crisis. As a country, we are resilient, and I know we will get through this.”
“It is only fitting during this unprecedented time that City National Bank steps up to uphold our proud 66-year tradition of supporting our colleagues and clients in need and so many worthwhile organizations in the communities where we live and work,” said City National Chairman Russell Goldsmith. “That’s why we are making our single largest donation ever in order to help healthcare providers fight this terrible virus and to address humanitarian needs. City National is safe, sound and strong. We are here now for our communities, clients and colleagues.”
City National’s commitment will be used for programs serving the immediate needs of those most affected by the coronavirus pandemic, and will include contributions to a multitude of organizations across City National’s footprint from California to New York, including United Way in eight communities, International Medical Corps, Cedars-Sinai Medical Center, Save the Children, Broadway Cares, Neighborhood Housing Services of Los Angeles County and Pursuit Lending (formerly New York Business Development Corporation).
A portion of the funds will go toward the creation of the City National Bank Colleague Relief Fund, to provide assistance for City National colleagues facing severe financial hardships due to the coronavirus.
In addition to City National’s commitment today, the bank’s parent company, Royal Bank of Canada (RBC) previously announced an initial $2 million donation to support communities dealing with the repercussions of the global health challenges posed by COVID-19. Donations will be used for programs serving at-risk populations, addressing food insecurity, scaling mental well-being support access as well as providing other necessary services that are vital during challenging times like these.