WAINWRIGHT BANK & TRUST COMPANY REPORTS RECORD FIRST QUARTER
(NASDAQ SYMBOL "WAIN")

Boston, MA, April 29, 2002 - Wainwright Bank & Trust Company reported 2002 first quarter consolidated net income of $1,078,000 and basic earnings per share of $.26 ($.24 on a diluted basis). The earnings for the quarter represent a record for Wainwright Bank. This compares to $912,000 and basic earnings per share of $.22 ($.20 on a diluted basis) for the quarter ended March 31, 2001. All prior period earnings per share amounts have been adjusted to reflect the 10% common stock dividend declared and paid during the third quarter of 2001.

Jan A. Miller, President and CEO stated, "We are pleased to report a strong financial performance for the first quarter of 2002. Diluted earnings per share increased 20% over the first quarter of 2001, driven by the widening of our net interest rate spread, which improved 100 basis points to 4.19%. This spread improvement, coupled with a higher level of interest earning assets, resulted in the Bank's net interest income increasing $1.0 million or 24% to $5.2 million in the first quarter of 2002. The costs incurred in recent periods to improve the Bank's technology and to expand the Bank's footprint with new locations in Somerville, Cambridge, and Watertown are beginning to have a positive effect on the Bank's financial performance. Average core deposits were up $54 million or 26% for the first quarter of 2002 compared with the year ago period. This has allowed the Bank to reduce its dependence on higher cost time deposits."

Due to the improved quality of the loan portfolio, there was no provision for credit losses in the first quarter of 2002. The provision for credit losses in the first quarter of 2001 was $300,000. Total nonaccrual loans were $415,000 or .13% of total loans at March 31, 2002, compared to $3,950,000 or 1.20% of total loans at March 31, 2001. The reserve for credit losses was $3,814,000 and $6,260,000 representing 1.2% and 1.9% of total loans at March 31, 2002 and 2001, respectively.

The higher level of net interest income and the reduction in the provision for credit losses more than offset the reduction in noninterest revenue and the increased level of noninterest expense. The improvement in net interest income was achieved through growth in earning assets, primarily investment securities, and the widening of the Bank's net interest margin. Average investments increased $34 million or 36% while average loans increased $3 million or 1% from the first quarter of 2001. The strong growth in deposits provided the necessary funding for the increase in earning assets. The benefits of the sustained lower rate environment has allowed the Bank to reduce its cost of funding by 209 basis points, compared to the decrease in the yield on earning assets of 109 basis points.

Total noninterest revenue was $776,000 in the first quarter of 2002 compared to $1,146,000 in the first quarter of 2001. The Bank settled an insurance claim and received a one-time payment of $400,000 in the first quarter of 2001. Deposit service charges increased $114,000 or 52% from $221,000 in the three months ended March 31, 2001, to $335,000 in the three months ended March 31, 2002. Net security gains were $27,000 in the 2002 period compared to $89,000 in the 2001 period.

The FDIC leverage capital ratio and total risk-based capital ratio at March 31, 2002 were 7.5% and 10.9%, respectively. The Bank must maintain a 5% leverage capital ratio and a 10% total risk-based capital ratio to remain "well capitalized" under FDIC regulation.

Operating expenses were up $808,000 from $3,776,000 in the first quarter of 2001 to $4,584,000 in the first quarter of 2002. Increases in salaries and employee benefits, occupancy and equipment costs, and transaction processing costs are all associated with the Bank's growth.

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

This Press Release contains statements relating to future results of the Bank (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within the Bank's market, bond market fluctuations, personal and corporate customers' bankruptcies, and inflation, as well as other risks and uncertainties.

FINANCIAL HIGHLIGHTS:(dollars in thousands)
Three months ended March 31, 2002 and 2001

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