Wainwright Bank & Trust Company Elects A New Director

BOSTON, MA - May 11, 2005 - Wainwright Bank & Trust Company ("WAIN") announced today at the company's Annual Meeting that James A. Pitts has been elected to the company's Board of Directors by proxy vote of shareholders.

Jim Pitts is a Certified Public Accountant and prior to his retirement in 2004, was responsible for the overall treasury and investment operations of The Boston Foundation, a $650 million community foundation that is one of the nation's oldest and most prominent public charities. Since 1996 in his capacity as Treasurer, Chief Financial Officer and Chief Investment Officer, Mr. Pitts' responsibilities included risk management; financial statement preparation; accounting; taxes; cash and debt management; formulation and implementation of investment policy; and executive compensation.

Under his leadership, The Boston Foundation harmonized its investment policy and practices including the development of an innovative policy and guidelines for proxy voting that has become a national model. In addition, Mr. Pitts led the Foundation's effort to restructure its corporate framework and administration, resulting in an organization that is more streamlined, accountable and financially healthy. He was also responsible for developing The Boston Foundation's $120 million private equity and real estate portfolio, both of which are now asset classes within the endowment.

Mr. Pitts’ skills have been tapped by a number of private equity and real estate funds; he currently serves as an advisor to the Fidelity Real Estate Growth Fund L.P., CommonFund Capital Inc., and the T.A. Associates Realty Fund VI L.P.

Prior to joining The Boston Foundation, Mr. Pitts served for 25 years as a senior financial officer in a number of publicly traded multinational corporations, including Clean Harbors, Inc., Cullinet Software, Inc., Data General Corporation, and Digital Equipment Corporation. In each of these companies he had successively wider responsibilities for financial statement preparation, internal audit, risk management, and compliance and regulatory affairs, including SEC reporting. From 1988 to 1991, Mr. Pitts also served as vice president and chief financial officer for Bain and Company, a privately held international strategic consulting firm.

Robert A. Glassman, Co-Chairman stated, "Jim brings a 30-year record of leadership and commitment to corporate governance and civic engagement. We look forward to benefiting from that experience."

"For the last decade I have been able to observe first hand the remarkable reputation that the Bank has developed as a result of their community development activities. I am proud to be joining them", stated Mr. Pitts.

Founded in 1987, Wainwright Bank offers a complete array of commercial banking services, including investment management. 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. The Bank anticipates opening offices at Coolidge Corner in Brookline and Newton Centre this summer.

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