Six months after the devastating wildfires that ravaged parts of Los Angeles, Bank of America Business Banking President Raul A. Anaya emphasizes that the journey to recovery is still ongoing. The bank is dedicated to supporting families, small businesses, and communities that are still grappling with the aftermath of the disaster.
In a recent interview with the Los Angeles Sentinel, Anaya, who has lived in Los Angeles for many years and was appointed by CEO Brian Moynihan to oversee the bank’s wildfire recovery efforts, detailed the extensive response Bank of America has initiated. To date, the bank has allocated over $3.5 million to local nonprofits and community initiatives, with more than $1 million recently earmarked to address the evolving needs of those affected.
“Immediately after the wildfires, we assembled a team of about 25 senior leaders across all functions of the bank to develop a strategic plan tailored to the needs of our customers,” Anaya said. “Our focus is on providing assistance to our clients based on what they require.”
The January fires resulted in the destruction of two Bank of America financial centers—one in Altadena and another in the Pacific Palisades—with hundreds of customers and numerous employees displaced as a result. Anaya noted that ensuring affected families had a reliable point of contact for their financial needs was a top priority.
“One of our first actions was to assign dedicated points of contact for those affected—offering assistance with everything from managing insurance claims to providing forbearance options,” Anaya stated. “We essentially delivered a white-glove concierge service to the hundreds of clients who lost their homes.”
Moreover, Bank of America quickly mobilized to recover and return the contents of safe deposit boxes from the destroyed financial centers. Anaya proudly reported that “we successfully retrieved all 2,500 safe deposit boxes and reunited their owners with their valuable possessions just weeks after the tragedy.”
Internally, the bank prioritized support for employees who were personally affected by the fires. Anaya mentioned that approximately 42 employees lost their homes, and the bank promptly provided them with temporary housing and met their immediate needs.
“They received support for essential services, and we’ve recently assigned fire recovery consultants to assist them in navigating the various intricacies involved in the recovery process, including environmental soil testing and negotiations with insurance companies,” he added.
A notable challenge that many families face is the issue of underinsurance. By analyzing its mortgage portfolio, the bank discovered significant gaps between the level of insurance coverage and the actual costs of rebuilding homes.
“For example, in Altadena, families faced a 25% shortfall in coverage, typically having only 75% of the necessary funds for a rebuild estimated at $600 per square foot,” Anaya explained. “Collectively, we believe this translates into over a billion dollars in underinsurance in Altadena, while in the Pacific Palisades, the shortfall is approximately 31%, amounting to over $4 billion.”
To address this issue, Anaya informed that the bank is collaborating with other financial institutions, asset management firms, government officials, and builders to find creative solutions to bridge this coverage gap. “It’s essential to unite the business sector, government, and philanthropic organizations to tackle this challenge effectively,” he stressed.
Small businesses, especially those serving Black and brown neighborhoods, have been significantly impacted by the fires. Many faced loss of storefronts or a decline in customers as homes in their vicinities were destroyed. Anaya pointed out the importance of focusing on Community Development Financial Institutions (CDFIs) to help rebuild the small business ecosystem.
“We aim to support not only those businesses that lost their physical locations but also those that lost their customer bases due to the devastation in the Altadena and Pacific Palisades areas,” Anaya said. “Our efforts include directing $400,000 through CDFIs for technical coaching and microloans to assist devastated sectors like landscaping, home services, nail salons, and small restaurants.”
“These small businesses and entrepreneurs were reliant on the thousands of families living in Altadena or the Pacific Palisades—and many do not know where to turn,” he noted. “Ultimately, these small businesses are the largest employers in our region.”
For Black business owners in Los Angeles, particularly in historically underfunded areas like South L.A. and Inglewood, the challenge of establishing trust with major banks has lingered for years. Anaya acknowledged this reality and underscored the bank’s commitment to fostering supportive relationships and its presence in the community.
“Building strong relationships is fundamental in our business. We prioritize one-on-one interactions, listening to and understanding the needs of our small business customers,” Anaya remarked. “We collaborate closely with local nonprofits, with executives serving on the boards of over 100 organizations, including those in underserved areas.”
Additionally, the bank has launched a new website, Helping Los Angeles Rebuild, which serves as a resource hub for small businesses, providing essential information for their recovery strategies.
Despite the challenges posed by the wildfires, Anaya is proud of the resilience displayed by the community. He noted that the Altadena branch team remained employed and continued serving customers through a temporary location, demonstrating the bank’s ongoing commitment.
“Bank of America’s dedication to helping in the long run, rather than just in the short term, is evident. Our focused team on rebuilding L.A. showcases our level of commitment to this beautiful region,” Anaya concluded.
In meetings with municipal leaders, including the mayor and governor, Anaya shared ideas on how to expedite the recovery process, reinforcing Bank of America ‘s pledge to be an integral part of Los Angeles’ long-term recovery efforts.
image source from：lasentinel
