If you can tell that the photos belong to the area, such as cabinet cards with place names, then the historical societies will probably take them as well. I know the local historical society will take them and has a collection of them. Sometimes people will look through unknown photos.
As for yearbooks, I donated those as well to the historical society, I would think that most schools have copies of their own yearbooks, I know that mine did. I bought a number of them at used books stores and donated them.