Bank of America (BAC) Commits $1.22 Million to Earthquake Victims in Japan

Update: Changed billion in headline to million.

In an effort to aid victims of the earthquake and tsunami in Japan, Bank of America (NYSE:BAC) said they're commiting $1.22 million (100 million yen) to the cause.

Included in the payout will be 50 million yen to the American Red Cross (ARC), which is partnering with the Japanese Red Cross Society to help meet the immediate needs of survivors.

Brian T. Moynihan, president and chief executive officer of Bank of America, said, "We are determined to do our part in ensuring that the communities affected by this tragedy receive relief and refuge as soon as possible. We are coordinating with employees in Japan and across the globe on a number of initiatives aimed at encouraging a swift recovery."

The other half of the donation will help with the long-term recovery of the island nation, including the rebuilding of various infrastructure damaged in the catastrophe.

Employee donations to the ARC “Japan Earthquake/Pacific Tsunami Relief Fund” will be matched by the giant bank, adding to the amount it ultimately donates.