Steven F. Young
Senior Vice President

Wainwright Bank & Trust Company
(NASDAQ: WAIN)
telephone:(617) 478-4000
fax: (617) 478-4020
e-mail: syoung@wainwrightbank.com
website: www.wainwrightbank.com

FOR IMMEDIATE RELEASE

WAINWRIGHT BANK ANNOUNCES THE ACQUISITION OF HERITAGE CAPITAL MANAGEMENT

Boston, MA, February 22, 1999 - Wainwright is pleased to announce its acquisition of Heritage Capital Management, Inc., a privately-owned investment management firm in Boston. Heritage Capital Management, Inc. will be a wholly-owned subsidiary of Wainwright, and work closely with our Private Banking Department. "We are delighted to welcome George Rooks and Heritage to Wainwright," said Wainwright Co-Chairman, John Plukas.

Heritage specializes in the customized management of balanced portfolios primarily for high net worth individuals, nonprofit institutions and family-owned businesses. Founded in 1981, Heritage serves over 140 clients comprising more than $188 million in fully discretionary funds. Its clientele has grown entirely through referrals from clients, and their accountants and attorneys.

"People have unique goals and risk tolerances that go unaddressed by standard investment and financial planning services," said Heritage President George Rooks. "Each portfolio at Heritage is individually managed and tailored to meet the client's needs. We are committed to developing long-term relationships with our clients through highly personalized service and competitive performance results. Each family's and institution's investment and planning goals are distinct--we create individualized solutions to meet those distinct needs," added Rooks.

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

Founded in 1987, Wainwright Bank is a socially responsible commercial bank with approximately $330 million in total assets. Net income for 1998 was $3 million. Wainwright Bank also owns approximately 32% of Franklin Research and Development Corporation, the oldest and largest investment management firm specializing solely in the field of socially responsible investing.

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