Wednesday, October 28, 2015
Morgan Stanley Private Bank, National Association Receives an Outstanding on its First-Ever Rating from Office of the Comptroller of the Currency for Community Reinvestment Initiatives
NEW YORK- Morgan Stanley Private Bank, National Association, a national bank subsidiary of Morgan Stanley, has been recognized with the highest 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 significantly exceeded its CRA strategic plan goals for excellent community development services and that its community development lending had a significantly positive impact in part because it was responsive to community development needs.
Both of the Firm’s national bank subsidiaries – the Morgan Stanley Private Bank, National Association and the Morgan Stanley Bank, N.A. – have now achieved a mark of “Outstanding” under the OCC’s review of community reinvestment activities.
“We are proud to have achieved the highest of ratings from the Office of the Comptroller of the Currency in our first CRA examination of this bank in recognition of our community development activity,” said Audrey Choi, Managing Director and Head of Global Sustainable Finance at Morgan Stanley. “Morgan Stanley is committed to promoting sustainable economic growth that creates new opportunities for underserved individuals and families. We will continue to leverage our capital markets expertise in support of innovative development programs that expand what we and our community partners can accomplish together.”
The OCC report highlights several significant initiatives, including:
New York City Distressed Housing. Morgan Stanley was highly responsive to a critical need to rehabilitate and stabilize affordable housing in severe physical and financial distress, including several that appeared on the NYC Housing Preservation and Development’s “200 Most Distressed” list of buildings. These properties now provide safe, affordable homes to residents, and Morgan Stanley also worked to develop additional supportive community services for the residents in these buildings and communities.
“We applaud Morgan Stanley’s leadership in working with LISC, other nonprofits and the local housing agencies in rehabilitating and stabilizing some of New York City’s most distressed multi-family residential properties,” said Denise Scott, Executive Vice President for Programs at the Local Initiatives Support Corporation (LISC). “Morgan Stanley has stepped in to develop not just the housing itself, but also critically needed community programs.”
Carver Federal Savings Bank. Morgan Stanley co-led an investment in New York City-based Carver Federal Savings Bank, a Minority Depository Institution addressing the needs of the financially underserved while revitalizing and supporting neighborhoods in need across Brooklyn, Queens and Upper Manhattan. Morgan Stanley’s investment represented over 25 percent of the total capital committed by all investors.
“Morgan Stanley has brought great attention, collaboration and responsiveness to the needs of our community,” said Deborah C. Wright, Chairman of Carver Federal Savings Bank. “As an experienced team of problem solvers, who combine a deep understanding of the community and financial expertise, their leadership and partnership have been invaluable in helping Carver broaden our ability to serve our community.”
Affordable Housing Fellowship. Morgan Stanley developed and collaborated with the Association for Neighborhood and Housing Development (ANHD) to place graduate students in year-round paid fellowships at community development organizations working on projects that directly serve local communities while also laying the groundwork for the next generation of community development leaders.