June 26, 2009

Approval of proposal by Morgan Stanley to retain up to 9.9 percent of the voting shares of Herald National Bank

For immediate release

The Federal Reserve Board on Friday announced its approval of the proposal by Morgan Stanley to retain up to 9.9 percent of the voting shares of Herald National Bank, both of New York, New York.

Attached is the Board's Order relating to this action.

Last Update: June 26, 2009