Two black banks—Industrial Bank and Residents Belief Bank—have every obtained $5 million in grants from monetary providers big Morgan Stanley.
Cynthia N. Day, President & CEO of Residents Belief Bank and Residents Bancshares Corp.The $10 million in grants to the minority depository establishments (MDIs) will permit them to construct up loan loss reserves to assist take care of the financial impression of COVID-19. The grants will even assist the banks help small companies impacted by COVID-19, particularly ones that didn’t get federal aid loans. Morgan Stanley added the grants will likely be used to assist further investments into expertise programs to boost the supply of buyer, mortgage, and enterprise lending providers.
“Morgan Stanley is committed to supporting communities in need during this tragic health crisis, and particularly to supporting minority communities that have been impacted more substantially by COVID-19,” Shelley O’Connor, chairman and CEO of Morgan Stanley Non-public Bank, Nationwide Affiliation and Morgan Stanley Bank, N.A., said in a information launch.
“We are pleased to make these commitments to our MDI partners so they can continue and deepen their important work as anchor financial institutions in their cities. Industrial Bank and Citizens Trust each have a longstanding mission to serve minority communities, and they play a critical role in the economic recovery of neighborhoods and cities.”
Washington, D.C-based Industrial Bank and Atlanta-based Residents Belief Bank are on the BE Banks record of the nation’s largest black-owned banks. New York Metropolis-based Morgan Stanley is a world monetary providers agency providing funding banking, securities, wealth administration, and funding administration providers.
B. Doyle Mitchell, Jr., Industrial Bank’s president and CEO, said, “Industrial Bank is delighted to have been chosen by Morgan Stanley to receive this grant that will ensure the Bank is able to continue its good work in the community. In addition, this will allow us to assist even more customers in their fight to survive in these difficult times.”
Cynthia Day, president and CEO of Residents Belief Bank and Residents Bancshares Corp., said what the grant will permit the bank to do.
“In 1921, almost 100 years ago, Citizens Trust Bank was founded on bridging the gap created by the lack of access to financial resources to minority communities and the inequalities this represented. During this pandemic, when our communities are more severely impacted, our commitment to this mission carries an even greater significance. We thank and applaud Morgan Stanley for their genuine engagement and partnership. Their bold action will assist us in continuing to support our communities, expand our reach and create meaningful change.”