CHARLOTTE, N.C. -- Bank of America Corp. and Lowe's will give $1 million to help victims of the earthquake that hit Haiti Tuesday, the companies said Wednesday.
A 7.0-magnitude earthquake struck just west of Haiti's capital, Port-au-Prince, and it is feared thousands have died. President Barack Obama has promised an all-out rescue and humanitarian effort.
The bank said it also will match any donations its employees make and will not limit its total gift.
Half of Bank of America's $1 million commitment covers a grant to the American Red Cross for the Haitian Relief and Development Fund. The other $500,000 will cover long-term recovery, including restoring basic medical services and rebuilding homes and schools.
Lowe's will also donate $1 million to support the American Red Cross International Response Fund, and all 1,700 Lowe's stores nationwide will serve as donation centers for the American Red Cross.
(The Associated Press contributed.)