WAINWRIGHT BANK & TRUST COMPANY REPORTS SECOND QUARTER 2003 RESULTS
(NASDAQ SYMBOL "WAIN")

Boston, MA, July 24, 2003 - Wainwright Bank & Trust Company reported 2003 second quarter consolidated net income of $1,631,000 and basic earnings per share of $.33 ($.30 on a diluted basis) compared with net income of $1,001,000 and basic earnings per share of $.20 ($.18 on a diluted basis) for the quarter ended June 30, 2002. In June 2003, the Bank settled a state tax dispute with the Massachusetts Department of Revenue ("DOR"), relating to the denied claim of a dividends received deduction from a real estate investment trust, a subsidiary of the Bank, covering the tax years 1999 through 2002. The Bank had previously reserved for the entire disputed amount in the first quarter of 2003 upon enactment of retroactive legislation by the Massachusetts legislature. As a result of the settlement, the Bank recognized a credit of $427,000, net of federal taxes, or $.08 per diluted share in the second quarter of 2003.

Consolidated net income for the six months ended June 30, 2003 is $2,572,000 with basic earnings per share of $.52 ($.47 on a diluted basis) compared to $2,079,000 or basic earnings per share of $.42 ($.38 on a diluted basis) for the same prior year period. All prior period earnings per share amounts have been adjusted to reflect a 10% common stock dividend declared and paid during the second quarter of 2003.

Net interest income was $5,694,000 in the second quarter of 2003, an increase of $216,000 from the second quarter of 2002. This was accomplished through growth in loans, investments, and deposits, offset in part by a decrease in the Bank's net interest margin to 4.19%, down from 4.79% a year ago and 4.51% last quarter.

Jan A. Miller, President and CEO stated, "We are pleased with the record results through the first half of this year and are encouraged by our ability to grow the balance sheet with loans that meet our credit standards and with deposit products that meet the needs of our customers."

Average loans outstanding were $376 million in the second quarter of 2003, an increase of $48 million, or 15% from the second quarter of 2002. This growth was due to both commercial loans and residential mortgages, which were up $33 million and $15 million, respectively. Average deposits increased $83 million, or 22% compared to the second quarter of 2002. Most of this increase, $68 million, was in core deposit products such as checking, NOW's, savings, and money market accounts.

The provision for credit losses was $450,000 in the first six months of 2003 compared to $50,000 in the first six months of 2002. The increase in the provision is the result of the strong growth in loans. The reserve for credit losses was $4,515,000 and $3,910,000 representing 1.11% and 1.19% of total loans at June 30, 2003 and 2002, respectively. Net recoveries amounted to $18,000 in the first six months of 2003 compared to net charge offs of $33,000 in the first six months of 2002. The Bank had no loans on nonaccrual status at June 30, 2003 compared to $411,000 at June 30, 2002.

Total non-interest revenue increased $1.4 million in the first six months of 2003 compared to the same period in 2002. The Bank recorded $484,000 in net securities gains in the first six months of 2003 compared to $301,000 in net securities losses in the first six months of 2002. Deposit account service charges increased $543,000.

Operating expenses were $10.1 million in the first six months of 2003 compared to $9.2 million for the first six months of 2002. Salaries and employee benefits account for $612,000 of the increase.

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 Legislation 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.

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