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Monday, March 14, 2011

Banks Respond to Crisis in Japan

Several banks have announced donations and programs to aid in Japan’s recovery following the country’s worst earthquake on record:

JPMorgan Chase has committed $5 million to near-term relief and recovery efforts. The donation includes $1.1 million, which has been already been pledged by JPMorgan Chase Japan and $1 million to match contributions to American Red Cross and World Vision by the bank's more than 220,000 employees, including more than 1,300 in Japan. The balance will be used to support charitable and relief organizations helping with the recovery efforts. The bank’s card customers also will soon be able to make donations through the banks’ rewards programs.

Bank of America announced a 100 million yen ($1.22 million) commitment to aid victims of the earthquake and tsunami in Japan. This includes a 50 million yen grant to the American Red Cross, which is partnering with the Japanese Red Cross Society to help meet the immediate needs of survivors.

As relief efforts evolve in the coming weeks and months, the remaining 50 million yen will be directed toward long-term recovery, including the rebuilding of homes, schools and other critical infrastructure. In addition, Bank of America will match employee pledges to the Red Cross “Japan Earthquake/Pacific Tsunami Relief Fund” through the bank's matching gifts program, and will not limit its overall company donation.

First Hawaiian. First Hawaiian Bank announced the establishment of the Japan-Hawaii Relief Fund to assist the survivors of the devastating earthquake and tsunami, and the bank donated $100,000 to the fund. All contributions will be donated to the Japanese Red Cross Society.

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