WAINWRIGHT BANK & TRUST COMPANY REPORTS THIRD QUARTER 2003 RESULTS

Boston, MA, October 20, 2003 - Wainwright Bank & Trust Company reported 2003 third quarter consolidated net income of $1,017,000 and basic earnings per share of $.20 ($.18 on a diluted basis) compared to net income of $1,253,000 and basic earnings per share of $.25 ($.23 on a diluted basis) for the quarter ended September 30, 2002. Consolidated net income for the nine months ended September 30, 2003 is $3,589,000 with basic earnings per share of $.72 ($.63 on a diluted basis) compared to $3,332,000 or basic earnings per share of $.67 ($.61 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 $5,182,000 in the third quarter of 2003, compared to $5,488,000 in the third quarter of 2002. Net interest income was $16,676,000 for the first three quarters of 2003, compared to $16,204,000 for the first three quarters of 2002. Jan A. Miller, President and CEO stated, "We are pleased with the record results through the first three quarters 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. In this continuing low rate environment, the challenge for us in the next several months will be to maintain our net interest margin."

Average loans outstanding were $422 million in the third quarter of 2003, an increase of $87 million, or 26% from the third quarter of 2002. This growth was due to both residential mortgages and commercial loans, which were up $60 million and $27 million, respectively. Average deposits increased $79 million, or 20% compared to the third quarter of 2002. Core deposit products such as checking, NOW's, savings, and money market accounts increased $80 million while certificates of deposit were down $1 million. The Bank's net interest margin was 4.11% in the nine months ended September 30, 2003 compared to 4.67% for the nine months ended September 30, 2002.

The provision for credit losses was $550,000 in the first nine months of 2003 compared to $50,000 in the first nine months of 2002. The increase in the provision is the result of the strong growth in loans. The reserve for credit losses was $4,625,000 and $3,965,000 representing 1.05% and 1.15% of total loans at September 30, 2003 and 2002, respectively. Net recoveries amounted to $28,000 in the first nine months of 2003 compared to net recoveries of $22,000 in the first nine months of 2002. The Bank had no loans on nonaccrual status at September 30, 2003 compared to $130,000 at September 30, 2002.

Total non-interest revenue increased $1.7 million in the first nine months of 2003 compared to the same period in 2002. The Bank recorded $604,000 in net securities gains in the first nine months of 2003 compared to $332,000 in net securities losses in the first nine months of 2002. Deposit account service charges increased $705,000.

Operating expenses were $15.2 million in the first nine months of 2003 compared to $13.8 million for the first nine months of 2002. Salaries and employee benefits account for $956,000 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.

FINANCIAL HIGHLIGHTS:(dollars in thousands)
Three months ended September 30, 2003 and 2002

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