Two black banks—Industrial Bank and Citizens Trust Bank—have each received $5 million in grants from financial services giant Morgan Stanley.

“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 Private Bank, National Association and Morgan Stanley Bank, N.A., stated in a news release.

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.”

B. Doyle Mitchell, Jr., Industrial Bank’s president and CEO, stated, “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.

Cynthia Day, president and CEO of Citizens Trust Bank and Citizens Bancshares Corp.,  stated what the grant will allow the bank to do.