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 DEVELOPMENT OF ON-LINE BANKING

Boston, MA, November 16, 1999 - Wainwright Bank & Trust Company today announced a new web-based initiative, Wainwright Banking On-LineTM, to be available within the 2nd quarter of 2000. By going to the Bank's website www.wainwrightbank.com, consumers, businesses and private banking clients will have the ability to manage a wide range of banking activities from their home or office, 24 hours a day, seven days a week.

"We believe our customers want the technology and convenience of a large bank with the personal attention a community bank can provide," stated Jan A. Miller, President and CEO of Wainwright Bank. "This effort provides our customers with comprehensive access to their financial information from whatever channel they select."

"Retail, Business and Private Banking customers will be able to access account history, pay bills, transfer funds, receive e-mail notification of pending or completed transactions, use handy calculators, and more," says Steven F. Young, SVP of Consumer Banking. "New and existing customers can apply on-line for checking and savings accounts, money market accounts, credit and debit cards, order additional checks, apply for a personal loan or mortgage and purchase a CD. It also includes free investment research from Zack's."

Jan Miller adds, "Our business customers can initiate wires, ACH drafts, payroll direct deposits, as well as stop payments. Cash management features include balance reporting, cash concentration and ACH disbursements."

On April 27, 1999 Wainwright Bank announced that it had received regulatory approval to repurchase up to 200,000 shares of common stock in the open market from time to time until April 21, 2000. Wainwright Bank has completed this 200,000 share repurchase program at a total cost of $1,631,071 and now has 3,704,279 shares of common stock outstanding.

With headquarters in Boston, Massachusetts and branches throughout neighborhoods in Boston and Cambridge, Wainwright Bank is a publicly-traded commercial bank (NASDAQ symbol "WAIN") founded in 1987 with current assets of $370 million. Wainwright's socially responsible community development initiatives have been widely recognized and in 1998 the bank received the national Annual Business Ethics Award for its "commitment to social justice inside and out".

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