NEW YORK–(BUSINESS WIRE)–Morgan Stanley (NYSE:MS) today announced $14.6 million to support long-time partner Carver Bancorp, Inc., one of the nation’s largest Minority Depository Institutions (MDI). Morgan Stanley’s grant enabled Carver to buy back shares and bolster its capital position to help weather the economic impact of COVID-19 in the wake of the pandemic. In addition, the grant will help the bank assist small businesses and customers that were affected by COVID-19, particularly those that did not receive federal relief loans, and will support Carver’s continued mission to provide capital and banking services to minority and women-owned businesses in New York.
“Morgan Stanley is proud to support Carver Bank at this critical time for the communities they serve that have been disproportionately impacted by the public health crisis,” said James Gorman, Chairman and Chief Executive Officer of Morgan Stanley. “As a Firm, we recognize the vital role that Minority Depository Institutions play in promoting economic growth and stability, and we look forward to continuing to partner with Carver on their important mission.”
Founded in 1948 and named after inventor, scientist, and educator George Washington Carver, Carver Federal Savings Bank plays a critical role in expanding access to quality financial services in underserved communities across New York, driving economic growth and stability.
“We are thankful for Morgan Stanley’s support and partnership with Carver. Carver is a Community Development Financial Institution and Minority Deposit Institution with a long standing focus on supporting the growth of Women and Minority Business Entrepreneurs in New York,” said Michael T. Pugh, President and Chief Executive Officer of Carver Bancorp, Inc. “Morgan Stanley and Carver share a commitment to equality and economic empowerment for small business owners. This grant will enable Carver to continue to focus on the meaningful work it performs in the communities that we serve.”
“Morgan Stanley and Carver Bank have enjoyed a robust partnership since 2011, and we look forward to this next phase in our collaboration to support the residents and businesses that Carver serves, particularly those more substantially impacted by COVID-19,” said Shelley O’Connor, Chairman and CEO of Morgan Stanley Private Bank, National Association and Morgan Stanley Bank, N.A. “Carver’s ability to provide access to essential banking services coupled with financial education programs make it uniquely positioned to help the small businesses that have been the backbone of our economy and will be the backbone of our recovery.”
This is the latest action Morgan Stanley has taken to support communities grappling with the economic and health crisis in the wake of the COVID-19 pandemic. Previous commitments Morgan Stanley has made include:
- $10 million in grants to support Minority Depository Institutions (MDIs) including Industrial Bank of Washington, D.C., and Citizens Trust Bank of Atlanta, GA, that will allow the banks to bolster loan loss reserves to help weather the economic impact of COVID-19.
- A $10 million investment to support the New York Forward Loan Fund, part of Governor Andrew M. Cuomo’s initiative to reinvigorate New York’s small businesses and critical non-profits. The New York Forward Loan Fund will provide sustainable capital to Community Development Financial Institution’s (CDFI) to make low cost recovery loans in communities hard hit by the COVID-19 health and economic crisis.
- $25 million in grants to support the ongoing relief efforts to the global COVID-19 crisis. These grants have been given to organizations that are fighting hunger as well as organizations focused on disease control, caring for the sick and financial support for those most vulnerable in our communities who are struggling with the economic loss. As part of the $25 million commitment, the Firm has launched the Morgan Stanley COVID-19 Hunger Relief Campaign, which has facilitated employee contributions to critical feeding partners in all of the Firm’s major global locations and the Firm has matched employee contributions dollar for dollar up to $5,000 per employee for designated feeding programs.
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.