Banking on Values & the Innovative Uses of Bank Enterprise Awards

CDFI Fund Quarterly
(U.S. Dept. of the Treasury)

Spring, 2001

In an industry that caters primarily to shareholders, Boston-based Wainwright Bank & Trust Company has chosen to serve a broader range of stakeholders, placing employees, customers and communities at the table alongside its investors. The bank has built its business around three things: outstanding personalized service, true financial value for customers, and a commitment to social responsibility. Wainwright's progressive agenda has permeated all of its practices, and given this public corporation a unique place among its industry peers.

With $450 million in assets, an active commercial lending operation, and conveniences such as Debit Cards and On-line Banking, Wainwright resembles most other U.S. financial institutions. However, few others offer the breadth and depth of socially responsible products and services that Wainwright has been supporting for years. In 1998 the bank received a national award from Business Ethics magazine for it's "commitment to social justice inside and out."

In an unprecedented move, Wainwright created a senior position at the bank dedicated solely to socially responsible community development financing. In the past 10 years, Wainwright has made more than $140 million in loan commitments to nonprofits ranging from affordable and special-needs housing programs and food banks to homeless shelters, and environmental groups. Wainwright's lending activities have made a significant impact on communities in the Greater Boston area.

In each of the last four years, Wainwright has received a Bank Enterprise Award from the CDFI Fund. Like the majority of institutions that received the award, Wainwright has reinvested the award back into the community, but Wainwright has reinvested the award in some creative and innovative ways. First, Wainwright created a donor-advised charitable fund held at The Boston Foundation. This fund was capitalized solely with Bank Enterprise Award monies and has assets of nearly $130,000. The fund was created to enable the bank to expand its philanthropic reach in greater Boston. One beneficiary of the Wainwright Bank Community Fund is the Pine Street Inn, a well-known and respected institution dedicated to feeding and sheltering Greater Boston's homeless population. Wainwright and Pine Street have worked together to provide hundreds of new beds for homeless women; expanded emergency housing for the elderly; provided transitional housing; offered services for homeless pregnant women; and provided permanent lodging for the formerly homeless. This partnership has now spanned a decade and over $7 million in support from Wainwright.

Wainwright's most recent award was used to finance the development of CommunityRoom.net which provides free hosted websites for nonprofit organizations that are customers of the bank and it enables visitors to the website to make secure online donations with a major debit or credit card. Each organization creates and updates their own site, including areas for programs and services, volunteer opportunities, events, history, and custom graphics with only an e-mail connection and a basic knowledge of Microsoft Word. Other features of the site include a master events calendar, an issues forum providing commentary about current social justice issues, resources for nonprofits, and "Giving 101" which provides tips on how to be a more effective donor. In addition, members are provided with a giving history that can be printed for tax preparation purposes.

Wainwright Bank & Trust Company admirably uses both cultural and financial capital to further a vision of a just, tolerant and sustainable society. As a conventional bank doing unconventional things, Wainwright has undertaken some bold initiatives to foster support for underserved communities, and developed relationships with people and programs working together to make the world a better place.

^ back to top ^