{"id":787498,"date":"2023-10-02T16:53:39","date_gmt":"2023-10-02T20:53:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-bank-n-a-receives-outstanding-rating-for-community-reinvestment-initiatives\/"},"modified":"2023-10-02T16:53:39","modified_gmt":"2023-10-02T20:53:39","slug":"morgan-stanley-bank-n-a-receives-outstanding-rating-for-community-reinvestment-initiatives","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-bank-n-a-receives-outstanding-rating-for-community-reinvestment-initiatives\/","title":{"rendered":"Morgan Stanley Bank, N.A. Receives Outstanding Rating for Community Reinvestment Initiatives"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p>\nMorgan Stanley Bank, N.A. Receives Outstanding Rating for Community Reinvestment Initiatives<\/p>\n<p>\nRating given by the Office of the Comptroller of the Currency<\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nMorgan Stanley Bank, N.A. (MSBNA), a national bank subsidiary of Morgan Stanley (NYSE: MS), has been recognized with the highest rating from the Office of the Comptroller of the Currency (OCC) for its work meeting the credit needs of the communities it serves. The Bank received a rating of \u201cOutstanding\u201d for the Bank\u2019s community reinvestment activities. Both of the Firm\u2019s national bank subsidiaries have achieved consistent \u201cOutstanding\u201d ratings based on the OCC\u2019s review of community reinvestment activities.<\/p>\n<p>\nThe OCC report for MSBNA highlights several initiatives that contributed to the \u201cOutstanding\u201d rating including nearly $6 billion in combined community development loans and investments that addressed the need of affordable housing, resident services to strengthen communities, and capital for small businesses over the three-year exam period.<\/p>\n<p>\n\u201cMorgan Stanley is very proud to have received, for the eighth time in a row, an \u201cOutstanding\u201d rating from the OCC for our community reinvestment work,\u201d said Michael Pizzi, Head of U.S. Banks and Head of Technology. &#8220;Our program\u2019s continued focus on affordable housing and economic development remains our priority in the communities we serve.\u201d<\/p>\n<p>\nThe evaluation noted that the Bank\u2019s community development lending and investment performance was \u201cexcellent\u201d and \u201cthe Bank was responsive to identified community needs and supports services that targeted affordable housing, financial education, social services for low- and moderate-income (LMI) individuals, and services for small businesses.\u201d<\/p>\n<p>\n\u201cMorgan Stanley continues to leverage our capital markets expertise to support affordable housing and economic development, which contribute to thriving communities,\u201d continued Mr. Pizzi.<\/p>\n<p>\nThe Performance Evaluation highlighted several transactions, including:<\/p>\n<p>\nMore than $375 million in loans to community development financial institutions (CDFIs) in the Bank\u2019s local, regional, and national areas over the three-year exam period (2020-2022). MSBNA recognized the critical role that CDFIs played in stabilizing and revitalizing communities, particularly those with considerable needs exacerbated by the pandemic. One example included a $9 million revolving line of credit to a CDFI to fund affordable housing projects and working capital for distressed neighborhoods. The CDFI builds new single- and multi-family housing, rehabilitates existing housing stock and works to revitalize neighborhoods in Salt Lake City and around the state of Utah.<\/p>\n<p>\nDue to the unique nature of MSBNA\u2019s Wholesale Bank designation for Community Reinvestment Act (CRA), the Bank is able to leverage its expertise to meet community needs across the nation in addition to serving its local assessment area. This regional and national focus allowed the Bank to respond to disaster areas, invest in rural CRA \u201cdeserts,\u201d and preserve affordable housing nationwide at a time when the country faces a severe affordable housing crisis.<\/p>\n<p>\nOne of the projects that helped rebuild in the wake of a natural disaster was Phase I and II of Laurel at Perennial Park in Santa Rosa, California. Working with Burbank Housing Development Corporation (BHDC), the Bank provided both affordable housing construction loans and Low-Income Housing Tax Credit (LIHTC) equity to the redevelopment project. The Bank\u2019s financing created 132 units of affordable housing for seniors 62+. The site, formerly the Journey\u2019s End Mobile Home Park, was destroyed by the Tubbs wildfire in 2017.<\/p>\n<p>\n\u201cMorgan Stanley has served as a trusted advisor throughout the life cycle of the redevelopment at 3575 Mendocino Avenue, now Laurel at Perennial Park,\u201d says Larry Florin, CEO of Burbank Housing. \u201cMorgan Stanley was a key first responder to the natural disaster and was able to creatively and flexibly design their response by listening to the needs of the community first, and then bring capital to the table based on those identified needs. They have made responding to disaster areas one of their priorities, which really sets them apart as a partner.\u201d<\/p>\n<p>\nThe Bank also offered SBA 504 loans for small businesses, financing for the construction and preservation of affordable housing, and LIHTC investments across rural areas where capital is often more sparse than urban markets. For example, projects in Fresno and Mineral Wells, Texas and Los Alamos, New Mexico received a variety of community development funding.<\/p>\n<p>\nMike Mantle, Head of Community Development Finance at Morgan Stanley said, \u201cMorgan Stanley continually looks for ways to make an impact in the communities we serve. Affordable housing is a major focus given the critical need we see across the country. However, the capital we deploy through the SBA 504 program, particularly in rural markets, helps provide critically needed loans for small businesses. These businesses in turn create or retain local jobs. We are proud of our track record.\u201d<\/p>\n<p><b>About Morgan Stanley<\/b><\/p>\n<p>\nMorgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm\u2019s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.morganstanley.com&amp;esheet=53566373&amp;newsitemid=20231002873917&amp;lan=en-US&amp;anchor=www.morganstanley.com&amp;index=1&amp;md5=eba39e080e5df3613b99c29dc6b41c02\">www.morganstanley.com<\/a>.<\/p>\n<p>\n\u00a9 2023 Morgan Stanley Smith Barney LLC. Member SIPC.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231002873917r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20231002873917\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20231002873917\/en\/<\/a><\/span><\/p>\n<p>\nMedia Relations Contact: <a rel=\"nofollow\" href=\"mailto:mediainquiries@morganstanley.com\">mediainquiries@morganstanley.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Asset Management Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Morgan Stanley Bank, N.A. Receives Outstanding Rating for Community Reinvestment Initiatives Rating given by the Office of the Comptroller of the Currency NEW YORK&#8211;(BUSINESS WIRE)&#8211; Morgan Stanley Bank, N.A. (MSBNA), a national bank subsidiary of Morgan Stanley (NYSE: MS), has been recognized with the highest rating from the Office of the Comptroller of the Currency (OCC) for its work meeting the credit needs of the communities it serves. The Bank received a rating of \u201cOutstanding\u201d for the Bank\u2019s community reinvestment activities. Both of the Firm\u2019s national bank subsidiaries have achieved consistent \u201cOutstanding\u201d ratings based on the OCC\u2019s review of community reinvestment activities. The OCC report for MSBNA highlights several initiatives that contributed to the \u201cOutstanding\u201d rating including nearly $6 billion &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-bank-n-a-receives-outstanding-rating-for-community-reinvestment-initiatives\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Morgan Stanley Bank, N.A. Receives Outstanding Rating for Community Reinvestment Initiatives&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-787498","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Morgan Stanley Bank, N.A. 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(MSBNA), a national bank subsidiary of Morgan Stanley (NYSE: MS), has been recognized with the highest rating from the Office of the Comptroller of the Currency (OCC) for its work meeting the credit needs of the communities it serves. The Bank received a rating of \u201cOutstanding\u201d for the Bank\u2019s community reinvestment activities. Both of the Firm\u2019s national bank subsidiaries have achieved consistent \u201cOutstanding\u201d ratings based on the OCC\u2019s review of community reinvestment activities. The OCC report for MSBNA highlights several initiatives that contributed to the \u201cOutstanding\u201d rating including nearly $6 billion &hellip; Continue reading &quot;Morgan Stanley Bank, N.A. 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(MSBNA), a national bank subsidiary of Morgan Stanley (NYSE: MS), has been recognized with the highest rating from the Office of the Comptroller of the Currency (OCC) for its work meeting the credit needs of the communities it serves. The Bank received a rating of \u201cOutstanding\u201d for the Bank\u2019s community reinvestment activities. Both of the Firm\u2019s national bank subsidiaries have achieved consistent \u201cOutstanding\u201d ratings based on the OCC\u2019s review of community reinvestment activities. The OCC report for MSBNA highlights several initiatives that contributed to the \u201cOutstanding\u201d rating including nearly $6 billion &hellip; Continue reading \"Morgan Stanley Bank, N.A. 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