Magazine article American Banker

Big California Banks Offering Flood Relief

Magazine article American Banker

Big California Banks Offering Flood Relief

Article excerpt

LOS ANGELES -- California's big financial institutions are stepping in to offer victims of Southern California's recent torrential rains low-interest loans and other relief measures.

The heavy rains over the last two weeks have caused flooding, mudslides, and other damage. Damage estimates are running about $23 million.

Wells Fargo Bank is providing homeowners with personal loans of up to $25,000 at the bank's six-month certificate of deposit rate, 3.6%, with no additional fees. The loan requires only payment of interest on a monthly basis; principal is due at maturity, which can be up to six months.

For small-business borrowers, Wells is offering loans of up to $25,000 at the current prime rate, with no fees.

First Interstate Bank is lowering the rate on home repair loans to 7.25%, from 9.25%, for those who pay by automatic deductions from checking accounts. The rate for others is 7.75%.

Cards and CDs

First Interstate is also offering deferrals on any loans or credit cards for customers affected by the storms. …

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