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 LENDS $8.8 MILLION TO
POND HOME PROJECT

Boston, MA, March 25, 1999 - Wainwright Bank has provided $4 million in financing to the nonprofit King's Daughters and Sons of Norfolk County Home for the Aged to renovate and expand Pond Home, their existing 31-bed facility and another $4.8 million to Pond Home Community, Inc. to develop 66 new one- and two-bedroom independent living units with assisted living services available on an "as needed" basis.

Renovation of the existing Pond Home facility, located since 1902 on a 50-acre estate in Wrentham, Massachusetts, will create space for 12 additional residents and a community center within a century old barn already on the property that once belonged to Lucy Sweatt, who died in the 1930's leaving a will that stated her hopes the land would be turned into a community for the elderly.

The 66 new townhouse units represent an innovative approach to providing housing for middle-income senior citizens who need some basic services but don't want, or can't afford, other assisted living projects that can charge monthly rents of $2,500 and up. Instead, residents buy a "life-lease" to live in a unit for the rest of their lives and pay for assisted living services on an a la carte basis.

Pond Home is licensed by the Massachusetts Department of Public Health and managed by Rogerson Communities, a recognized leader in not-for-profit management of elder housing and health services.

"This deal demonstrates how our depositor's money can be used to fund responsible community development; everybody wins" said Wainwright Bank Project Lender, Henri Soucy. Nearly 20% of Wainwright Bank's loan commitments are to affordable housing and other socially responsible community development projects such as homeless shelters, food banks, AIDS services, women's health projects, and environmental protection.

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 nonprofit organizations.

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