Morgan Stanley Private Bank, National Association Once Again Receives Outstanding Rating for Community Reinvestment Initiatives
May 14 2019 - 10:00AM
Business Wire
Rating given by the Office of the Comptroller of the
Currency
Morgan Stanley Private Bank, National Association, a national
bank subsidiary of Morgan Stanley, once again received the highest
Community Reinvestment Act (CRA) rating from the Office of the
Comptroller of the Currency (OCC) for its excellent record in
meeting the needs of the communities it serves. The OCC evaluation
notes that Morgan Stanley Private Bank, National Association
exceeded its CRA strategic plan goals for “Outstanding” community
development lending, investments and services.
Both of the Firm’s national bank subsidiaries – Morgan Stanley
Private Bank, National Association and Morgan Stanley Bank, N.A. –
have achieved consistent “Outstanding” ratings based on the OCC’s
review of community reinvestment activities.
“Morgan Stanley is proud to have again achieved an Outstanding
rating from the Office of the Comptroller of the Currency in
recognition of our community development work,” said Mike Mantle,
Head of Community Development Finance.
The evaluation commends the Bank’s innovation, flexibility and
responsiveness to community needs.
“Morgan Stanley has a history of leveraging our capital markets
expertise to support affordable housing and economic development,
which contribute to thriving communities,” continued Mr.
Mantle.
The OCC report highlights several initiatives that contributed
to the “Outstanding” rating including loans and investments that
respond to the need to reposition and renovate multifamily rental
housing for long-term affordability. One such initiative was a $23
million investment that facilitated the acquisition and resiliency
improvements for a distressed 130-unit apartment complex in a
recently rezoned area at risk of rising rent pressures.
“Morgan Stanley recognized that the decline in New York City's
multifamily housing stock coupled with rising rent pressures posed
a serious risk to our city’s housing and the people who call it
home. By acting early-on to direct capital to projects throughout
the city, they were able to help sustain and preserve the long-term
affordability of our multifamily stock,” said Rafael E. Cestero,
President and CEO of The Community Preservation Corporation.
“They’ve been a trusted partner and leader to nonprofit lenders
like CPC, as well as to our state and local housing agencies.”
The report also noted the Bank’s provision of services that
support growth and build capacity in the nonprofit community
development sector and help nonprofits become more sustainable and
achieve the greatest impact in low and moderate income
communities.
“We are enormously grateful for both the financial and human
support we receive from Morgan Stanley,” said Alison Overseth,
Executive Director, Partnership for After School Education. “The
Bank worked with us to create and fund a program that provides
professional career development services for our after school
leaders. Without this program, our leaders would not have access to
this opportunity, which helps them better serve the thousands of
children in their care.”
Morgan Stanley is a leading global financial services firm
providing investment banking, securities, wealth management and
investment management services. With offices in more than 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
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