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 $23million 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.”
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