Wainwright Bank & Trust Company: Committed to Customers and The Community
Greater Boston Business Council,
By Gary Spahl
March, 2000
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When Robert Glassman and John Plukas decided to transform their small, private financial institution into a traditional retail bank, they asked staff about their thoughts. What they came up with was hardly traditional. When Wainwright Bank opened its first branches in 1992, it operated under three guiding principles: financial value, personal service and social responsibility.
Industry watchers said it couldn't be done. Nevertheless,
Wainwright Bank & Trust Co. is solid, well respected
and growing. Steven F. Young, Senior Vice-President
of Wainwright's Consumer Banking Group, believes that
one key to the bank's success is a basic respect for
people, which starts at the internal level.
The bank has very progressive human resources policies and fully embraces diversity. Staff members speak more than 17 languages. Many are gay or lesbian. "We embrace a lot of cultures and ideas," says Young. "We're a much richer institution as a result."
This people-focused philosophy carries over to customers.
"People genuinely like to work here. And if our
employees are happy, good customer service comes naturally."
In addition to pleasant, personal service at its six
Boston-area branches, Wainwright customers also enjoy
some of the highest savings rates and lowest fees in
the industry. Not to mention no-fee access to more than
1,700 ATMs in the Greater Boston SUM network. Young
also points out that Wainwright offers the lowest-cost
business banking services in Boston.
But the bank's key difference is its unparalleled commitment
to addressing social concerns. Thirty percent of every
dollar deposited goes back to community programs such
as health centers, homeless shelters and first-time
homebuyers. The bank's support for the gay and lesbian
community is well known. A GBBC member since 1993, Wainwright
allocates nearly half of its charitable budget to gay
and lesbian and AIDS service organizations. In addition,
the bank's Community Card MasterCard donates one percent
of every purchase to 13 local organizations, including
AIDS Action Committee, PFLAG, GLAD and Fenway Community
Health Center. "Our support of the gay and lesbian
community began when no other financial institution
had the courage to do so," says Young. "We
have been rewarded for this."
And Wainwright Bank is now poised for major growth.
In July the bank launches its online banking system.
This will provide local customers with greater flexibility
and services such as free online bill paying, while
allowing the bank to expand its customer-base nationally.
Young notes that the bank will not spend millions of
dollars on national marketing campaigns. "We'll
be using a more grassroots approach," he says.
"Word-of-mouth has been our best advertising and
we expect this will continue to be the case." Young
believes this approach helps customers feel part of
a community - one that's dedicated to helping others.
Coupled with Wainwright's on-line banking is yet another
community endeavor. In July, Wainwright plans to launch
CommunityRoom.net, a web portal for non-profit organizations.
Any non-profit organization with a checking account
at the bank will be provided with a free website, which
surfers can access through the Wainwright web site.
"We're providing non-profits with a valuable web
presence," explains Young.
They're also providing fundraising support. CommunityRoom.net
will offer coordinated on-line donations to member organizations.
Users can view the various sites, add donations to a
"shopping cart" and have the total billed
online to a credit card. Even as the bank grows, its
commitment to social issues hasn't wavered. "Our
officers are on a mission to explore new ways to practice
our social philosophy," says Young.
Although still a small bank, Wainwright doesn't go
unnoticed. Banking professionals regularly contact the
bank to ask how they remain successful. In 1998 the
bank received an award from Business Ethics magazine
for its practices. Young dismisses any questions about
the bank's future in this age of buyouts by larger institutions.
The bank is a closely held company whose co-chairs are
committed to remaining independent.
"We'll be there for people who want socially-responsible banking," Young asserts. "Wainwright Bank is here to stay."
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