Steven F. Young
Senior Vice President

Wainwright Bank & Trust Company
(NASDAQ: WAIN)
telephone:(617) 478-4000
fax: (617) 478-4020
e-mail: syoung@wainwrightbank.com
website: www.wainwrightbank.com

FOR IMMEDIATE RELEASE

WAINWRIGHT BANK & TRUST COMPANY PURCHASES TWO ADJOINING BUILDINGS FOR CORPORATE HEADQUARTERS EXPANSION

Boston, MA, January 3, 2000 - Wainwright Bank & Trust Company announced today that it has acquired the two adjacent buildings located at 49-55 Franklin Street, Boston, MA, for expansion of its corporate headquarters. These buildings contain approximately 36,000 square feet, and will be used for expansion as the Bank continues to grow its basic banking activities, asset management business, and web development subsidiary. The purchase price was $4.5 million.

Wainwright recently reported record earnings of $3,017,000 and basic earnings per share of $.73 ($.68 on a diluted basis) for the nine months ended September 30, 1999.

Much of Wainwright's success is attributed to its socially responsible business philosophy of providing value to all stakeholders including customers, employees, shareholders, and the communities it serves. The Bank has committed a substantial percentage of its loan portfolio to local community development projects, small business lending, and mortgages for low and moderate-income residents.

With Boston branches in the Financial District, Back Bay/South End, Jamaica Plain, and Cambridge branches within Harvard Square, Kendall Square and Fresh Pond Mall, Wainwright is strategically positioned to provide consumer and commercial mortgages, loans and deposit services to individuals, families, businesses, and non-profit organizations.

.

^ back to top ^