ABA Joins Member Banks in Donating to Vermont Flood Relief Efforts

WASHINGTON -

The American Bankers Association today announced it will donate $25,000 to help flood victims in Vermont. The donation follows similar contributions from Vermont banks in support of recovery efforts after two July storms destroyed homes and businesses, washed out multiple roadways and claimed two lives. It was the second straight summer of devastating flooding in the state.

"Banks of all sizes have stepped up to support recovery efforts in Vermont after these latest storms, and ABA is proud to stand with them and do our part," said Rob Nichols, ABA president and CEO. "We hope that these funds can help soften the blow for those affected by the flooding and contribute in some way to the rebuilding effort."

Almost exactly a year after last summer's record flooding, the remnants of Hurricane Beryl dumped more than six inches of rain on the state around July 11, prompting more than 100 swift-water rescues. Three weeks later, record rain from another storm devastated Vermont's Northeast Kingdom, battering some of the same communities a second time.

At the urging of the Vermont Bankers Association and local bankers, ABA will donate the $25,000 to the Vermont Main Street Flood Recovery Fund, which is providing grants to small businesses directly affected by the July flooding. ABA member Passumpsic Bank in St. Johnsbury, Vt., is also donating $25,000 to the fund.

"We deeply appreciate ABA donating to recovery efforts in Vermont for the second straight summer," said Passumpsic President and CEO Jim Kisch. "Some parts of our state have been hit multiple times by Mother Nature over the past year, and it's gratifying to see our industry respond to this unprecedented flooding."

This week President Biden declared seven Vermont counties affected by the July 11 storm federal disaster areas. The state has submitted a separate disaster declaration request for the second storm that is still pending.

Capstone Community Action is the fiscal sponsor of the Vermont Main Street Flood Recovery Fund and 100 percent of donations go to eligible small businesses. Anyone interested in contributing to the Fund can donate here.

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $24 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19 trillion in deposits and extend $12.4 trillion in loans.

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