CTBC Bank and LAEDC Awarded Maximum Matching Grant by Federal Home Loan Bank of San Francisco for Fire Disaster Relief

Business Wire

LOS ANGELES--(BUSINESS WIRE)--
CTBC Bank and the Los Angeles County Economic Development Corporation (LAEDC) have announced that Federal Home Loan Bank of San Francisco is matching CTBC’s own $300,000 donation with a $50,000 matching donation for fire relief response in the Los Angeles area. The FHLBank San Francisco $50,000 award is the maximum match.

“CTBC Bank is honored to receive the FHLBank San Francisco matching donation to further boost the great work LAEDC is doing to support the small business community in this crucial time of need following the Los Angeles area wildfires,” said Robert De Acevedo, Senior Vice President, CRA Officer, CTBC Bank USA.

The combined CTBC Bank and FHLBank San Francisco $350,000 donation will support LAEDC’s ongoing efforts to aid small business recovery in the aftermath of the recent Los Angeles wildfire disaster. CTBC’s foundational contribution, along with the matching donation, will allow LAEDC to expand its supportive services and bolster the Together for LA initiative, a collaborative effort designed to assist small businesses throughout the Los Angeles region in times of crisis.

“Our hearts are with the individuals, families and communities affected by the devastating wildfires in Southern California that destroyed over 10,000 houses in our district and have displaced tens of thousands of people from their homes,” said Joe Amato, Interim President and CEO, and CFO of FHLBank San Francisco. “CTBC Bank and LAEDC serve a vital role in disaster relief and recovery and are highly focused on rebuilding communities.”

“We are extremely grateful for the generous support from CTBC Bank and the Federal Home Loan Bank of San Francisco,” added Stephen Cheung, CEO of LAEDC. “This $350,000 contribution will significantly strengthen our ability to deliver critical resources and assistance to small businesses impacted by the recent wildfires. Through our Together for LA initiative, we’re committed to helping these businesses recover and rebuild, ensuring a stronger, more resilient Los Angeles region. Partnerships like this exemplify the power of collaboration in times of crisis.”

FHLBank San Francisco’s wildfire relief and recovery matching funds are part of a suite of tools and resources that are available to help its member financial institutions address both urgent needs and longer-term recovery efforts in local communities. These tools and resources include discounted credit programs that support affordable housing, economic development, and community revitalization efforts.

The donations from CTBC Bank and FHLBank San Francisco demonstrate the power of public-private collaboration in driving meaningful impact. The funding will allow LAEDC to offer a range of services, including direct assistance, access to critical recovery resources, and strategic coordination with partners to streamline support for small businesses navigating the challenges caused by the wildfire disaster.

About CTBC Bank Corp. (USA)

CTBC Bank USA is a trusted and established financial institution for commercial and retail customers. Founded in 1989 and headquartered in Los Angeles, CTBC Bank operates branches in California, New Jersey, and New York. The bank’s operations include deposits, loans, credit cards, foreign exchange, letters of credit, wealth management, mobile, and electronic banking services. Customers benefit from access to large bank resources coupled with individual attention and customized service of a small bank. Its parent company, CTBC Bank Co. Ltd., is supported by more than $290 billion in assets and is among the largest banks in the world in terms of capital. For more information about CTBC Bank, visit www.ctbcbankusa.com.

About FHLBank San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

About LAEDC

The Los Angeles County Economic Development Corporation (LAEDC) is a nonprofit organization working to enhance economic opportunity and quality of life in the Los Angeles region. By fostering inclusive economic growth, supporting workforce development, and providing business assistance, LAEDC is committed to building a more equitable and resilient regional economy. www.laedc.org