Boston's Best 2002 Progressive Small Bank

The Improper Bostonian

July 10, 2002

Employees at Wainwright Bank enjoy coming to work, and it shows. Although the bank is small, with only $500 million in assets, it delivers innovative customer service that larger banks would love to emulate. The bank devotes a substantial portion of its commercial loan portfolio to funding homeless shelters and other community projects. With today's economic woes, one might think that's a risky practice, but within the past 15 years those loans have had less than a 1 percent default rate.

The bank's unusual business practices also include providing a "community room" for non-profits to use for meetings after business hours. During the day, the area turns into a cyber-café where Wainwright customers can munch on free doughnuts and coffee while they surf the Internet or watch TV. Despite the current economic uncertainties, as of press time Wainwright's stock has experienced record earnings since the beginning of the year. Sometimes nice guys really do finish first.

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