Financial institution Truist commits $725 million in support for Helene
Truist Announces Major Commitment to Aid Western North Carolina Hurricane Helene Recovery
In the aftermath of Hurricane Helene, which tore through western North Carolina in late September, causing at least 103 deaths and billions of dollars in damage, Truist has announced a significant contribution to the region's recovery efforts.
On Wednesday, the Truist Cares for Western North Carolina program was unveiled, marking the bank's latest initiative to support communities in need. The program aims to provide $650 million in new capital for rebuilding efforts, with the funds expected to be available in early December.
Truist has also accounted for all of its nearly 13,000 workers in the hurricane's path within five days and started providing assistance for temporary housing and transportation support. Moreover, the bank offered mobile banking services and provided essential supplies, mobile shower, and laundry units in Asheville when the area was without water.
In addition to Truist, other major banks in the region have stepped up to offer aid. Bank of America, based in Charlotte, also made relief-focused donations following Hurricane Helene. First Citizens, based in Raleigh, North Carolina, and First Horizon, based in Memphis, Tennessee, have also committed funds to help communities affected by Hurricane Helene and other disasters.
The recovery plan for western North Carolina communities is a multifaceted state-led effort. The Disaster Recovery Act of 2025 — Part II authorized a new round of $51.5 million in interest-free Cashflow Loans to local governments, totaling close to $100 million distributed since shortly after the hurricane. These loans are designed to improve recovery speed by providing accessible funding instead of delayed federal aid.
A substantial $1.4 billion grant, signed off by North Carolina’s governor, acts as the backbone funding for various recovery efforts, including infrastructure, housing, and economic revitalization. The University of North Carolina system has provided multi-disciplinary on-the-ground assistance, including healthcare access, education, housing support, and economic recovery efforts to help affected western NC residents.
The WNC Recovery Committee is developing strategic plans to diversify and strengthen western North Carolina’s economy, further underpinning long-term community resilience. Infrastructure like key highways (I-40, I-26) is being restored with restrictions still in place, while tourism sites are reopening to aid economic recovery.
The Truist Foundation has announced $1.5 million in grants in response to Hurricane Helene and Hurricane Milton. $25 million will be allocated for grants for local and national nonprofit organizations, and $50 million will be earmarked for loans or investments in community development financial institutions.
While the specific roles of banks like Truist, First Citizens, Bank of America, and First Horizon are not detailed explicitly in the available sources, such institutions typically participate by facilitating loans, economic recovery finance, and community investment as part of public-private partnerships in disaster recovery scenarios. It is reasonable to infer these banks may help in providing financial services supporting small businesses and individuals affected by the hurricane, as well as in administering loans or grants, but no direct source confirms their specific roles. For precise roles of banks like Truist and others, inquiries with the state recovery office or the banks themselves would be necessary.
In light of Truist's announced contribution of $650 million for western North Carolina's rebuilding efforts, other banking and finance institutions, such as Bank of America, First Citizens, and First Horizon, have followed suit by committing funds to aid the recovery of communities affected by Hurricane Helene and other disasters. The business sector, including banks and insurance companies, have a crucial role in disaster recovery scenarios, offering financial services to support affected small businesses and individuals, as well as administering loans or grants for community development.
