[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
Community Last Updated: Feb 13, 2017 - 1:45:37 AM


Commonwealth Bank’s Hurricane Relief Donations Near $500,000
By Diane Phillips, DP&A
Oct 24, 2016 - 3:03:48 PM

Email this article
 Mobile friendly page
COB-Donates-to-Salvation-Army-rz.jpg
Commonwealth Bank’s latest donation – The Salvation Army became the third relief organization to receive a substantial donation from Commonwealth Bank with a $50,000 contribution to Hurricane Matthew disaster recovery. The all-Bahamian bank’s donations following the Category 4 storm will reach nearly $500,000 including donations of $100,000 each to NEMA and the Bahamas Red Cross along with assistance to staff and extended terms for loan repayments for those impacted. Pictured at the cheque presentation are l-r, Jacqueline Farrington, VP Internal Audit, Commonwealth Bank, Major Clarence Ingram, Divisional Commander, The Salvation Army, Denise Turnquest, Sr. VP Credit Risk, Commonwealth Bank and Major Karen Ingram, The Salvation Army.

Nassau, Bahamas - Urging others to follow suit reaching deep into pockets and hearts to give what they can, Commonwealth Bank today made its third substantial donation to a Hurricane Matthew relief fund with bank President Ian Jennings projecting earlier that the all-Bahamian bank’s contributions could reach nearly $500,000.

Today’s donation of $50,000 to The Salvation Army followed cheques of $100,000 each to the Bahamas Red Cross and NEMA last week, bringing cash outlays to date to $250,000, a gesture that was applauded by Prime Minister Perry Christie.

“I applaud Commonwealth Bank, the most successful Bahamian bank, for the generosity and the manner in which they have responded to the needs of the people who have been impacted by Hurricane Matthew,” the Prime Minister said. “No storm has ever touched as many lives as this did and I commend Commonwealth Bank for taking the lead in the recovery contributions and I hope that others in the corporate world will follow.”

Mr. Christie noted that many of those affected are likely clients of the bank and may already be “maxed out” as borrowers, a reality the bank’s directors and executives had already anticipated.

“We understand the gravity of the situation and the tremendous burden many thousands will face as they try to rebuild their lives,” said Mr. Jennings. “That is why, in addition to the outright donations which we have made in this first week following the Category 4 storm, we are providing for relief from loan repayment on a one-on-one basis up to three months.”

Customers of the bank are asked to go to their home branch to negotiate terms.

“This storm has touched everybody,” Mr. Jennings said. “It’s touched out staff, it’s touched our shareholders, it’s touched our directors and it’s touched everybody in the country in some degree and form, whether it be lightly or for those people who have lost their homes and everything they had. Our hearts and prayers go out to those who are suffering.”

The bank is also assisting staff with zero-interest loans and, hardship allowances to assist with recovery, accounting along with major donations for a total recovery package that is expected to near the $500,000.

Despite the devastating impact of Hurricane Matthew in New Providence and Grand Bahama, the spirit of the bank staff, said Mr. Jennings, has been undaunted.

“Our staff have gone above and beyond,” said Mr. Jennings. “In Grand Bahama staff members who themselves had homes that had flooded or lost their roofs and who suffered so much insisted on opening (the branch) on Saturday one after the storm Matthew struck that island, so those who needed to access funds for supplies could do so.” The bank opened five branches that day for Saturday banking, four in New Providence.

Donations to NEMA and to the Bahamas Red Cross will help cover needs from the purchase of tarps to survival kits, from toiletries to bedding, while The Salvation Army donation will help replace flooded appliances in Grand Bahama and children’s school uniforms in New Providence among other needs.

The bank with 550 staff members and branches in Nassau, Grand Bahama and Abaco and $1.5 billion in total assets represents the largest market cap on BISX.



Bookmark and Share




© Copyright 2016 by thebahamasweekly.com

Top of Page

Receive our Top Stories



Preview | Powered by CommandBlast

Community
Latest Headlines
EARTHCARE Eco Kids join Dolphin Project for Global Beach Cleanup
Commercial Driver's Certification Services
Sorority Donates to Abuse Victims in Nassau, Grand Bahama
Breef kicks off donations of “Bahamas Underwater” books to over 300 schools in The Bahamas
University of The Bahamas Preparing for Largest Commencement Class Since Pandemic