Non-Deposit Investment Products: • Are Not FDIC Insured • Are Not Bank Guaranteed • May Lose Value
-
Entertainment & Sports -
Insights
Nearly Two Years After the Palisades Fire, Businesses Start to Reopen
By Scott Stoddard
On the morning of Jan. 7, 2025, the wind was blowing hard when Blanca Jimenez stepped outside her Pacific Palisades office to grab a cup of coffee when she saw black smoke rising in the nearby hills. She figured it was one of the seasonal brush fires common to the coastal community, nothing much to worry about.
“I never thought it was going to be such a disaster,” said Jimenez, a client officer at City National Bank. She added, “Clients just packed for a couple days,” thinking they’d be back soon.
As it turned out, the fire was among the most devastating in California history, destroying nearly 7,000 structures and killing 12 people. The City National Bank branch where Jimenez works was evacuated and suffered smoke damage. Many of her clients were forced to move, some to as far away as the East Coast, Nashville and New Orleans.
“It was really sad what happened to our clients,” Jimenez said. “Sometimes when you live in L.A. people don’t know their neighbors. But here in the Palisades, everybody knows everybody. It’s a really good place to raise kids.”
Immediately after the fires, City National and its parent, RBC, donated $3 million to support food security and provide essential supplies and emergency shelter to affected families. Some had lost everything, including the Christmas gifts that their children had received just a couple weeks earlier.
Jimenez and her four colleagues worked out of nearby branches, conducting business with their now dispersed clients mainly through phone calls and emails.
“Some haven't even come back to the Palisades because emotionally they can't,” said Evelyn Peera, the branch manager. “It's a very tough subject for them.”
For those who remain or plan to return, Peera said excitement is starting to build. The popular Palisades Village, which hosts restaurants, coffee shops, boutiques and a beloved farmer’s market, held its grand reopening in August, and the City National Bank branch resumed business there on Oct.5.
While the rebuilding effort is expected to take several years, homes are gradually being rebuilt, with the local Palisades News reporting a surge in permitting activity in recent months.
“The overall sense of clients is very positive and showcases the resilience of this community,” Peera said.
This article is for general information and education only. It is provided as a courtesy to the clients and friends of City National Bank (City National). City National does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors or persons quoted as of the date of the article with no obligation to update or notify of inaccuracy or change. This article may not be reproduced, distributed or further published by any person without the written consent of City National. Please cite source when quoting.
Top