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

The following press release was published by the Board of Governors of the Federal Reserve System on June 26, 2009. It is reproduced in full below.

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.

Source: Board of Governors of the Federal Reserve System