Wainwright Bank Receives $322,275 Award From CDFI Fund

Boston, MA, October 9, 2003 - Wainwright Bank & Trust Company (NASDAQ symbol "WAIN") yesterday received a Bank Enterprise Award of $322,275 from the Community Development Financial Institutions (CDFI) Fund of the U.S. Treasury.

The award was made under the Bank Enterprise Award (BEA) Program which provides an incentive for any FDIC insured bank in the country to annually increase the levels of financial services provided to economically distressed communities. Such services may include financing for needed community facilities, commercial loans to small businesses, loans to rehabilitate rental housing and mortgages for first-time home buyers.

The awards are in varying amounts based on a bank's increase in community development activities over a pre-defined period of time. Of the 75 banks nationwide which shared the $13.9 million award total, Wainwright was the only bank in Massachusetts and was only one of two banks in New England. This is the sixth year in a row Wainwright has received a BEA award.

"We are honored to have our community development lending and service efforts recognized by the U.S. Treasury for the sixth year in a row. We've used the awards to create a donor advised fund at The Boston Foundation and CommunityRoom.net which provides free hosted websites with on-line donation capabilities to the nonprofit clients of Wainwright Bank," said Senior Vice President and Community Development Loan Officer, Pamela Feingold.

"In the past ten years, Wainwright has made more than $300 million in loan commitments to nonprofits representing issues ranging from affordable housing and homeless shelters to food banks and community health centers," said Margaret Nilson, Manager of the Depository Institutions Unit of the CDFI. "Wainwright's lending activities have made a significant impact on communities in the Greater Boston area."

Founded in 1987, Wainwright Bank is a socially responsible commercial bank with assets of $600 million primarily serving neighborhoods in Boston, Cambridge, Watertown and Somerville. Nearly 40% of the bank's commercial lending portfolio is dedicated to community development initiatives including affordable housing, homeless shelters, HIV/AIDS services, community health centers, and environmental issues to name a few. Wainwright's commitment to social justice issues has been widely recognized including this year being named one of the 11 Best Lenders to Women in the country by the Social investment Forum and Co-op America.

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