WAIN Wainwright Bank & Trust Company (MM)

BOSTON, Dec. 23 /PRNewswire-FirstCall/ -- Wainwright Bank & Trust Company (NASDAQ:WAIN), announced today that it has completed the purchase of a $6 million Qualified Zone Academy Bond to finance the expansion of one of Massachusetts' premier charter schools, the Boston Collegiate Charter School. This financing will enable Boston Collegiate to create a new campus for its middle school and greatly increase the number of students it serves. With this second major financing, Wainwright has provided over $20 million in financing to facilitate the School's growth. The Bank is also pleased to announce that it has completed the sale and issuance of $22 million in preferred stock to the U.S. Department of the Treasury as part of the TARP Capital Purchase Program. The TARP Capital Purchase Program is a voluntary program designed to provide capital for healthy banks. The Company issued to the Treasury 22,000 shares of Series D Fixed Rate Non-Cumulative Perpetual Preferred Stock, and a related 10-year warrant to purchase 390,071 shares of its common stock, with an exercise price of $8.46 per share. The additional $22 million of new capital, on a pro forma basis at September 30, 2008, would have increased Wainwright Bank's Total Risk Based Capital from 10.82% to 13.79%. Mr. Jan Miller, President & CEO, stated, "We are pleased that the U.S. Treasury chose to make an investment in Wainwright and are pleased to be among the initial group of Massachusetts banks to complete the transaction. The Capital Purchase Program was established by the U.S. Treasury to attract participation by healthy financial institutions and is designed to increase the availability of credit. This capital will give Wainwright one of the strongest capital ratios in the marketplace and will allow us to continue to provide financing to consumers, businesses, and community development projects." With Boston branches in the Financial District, Back Bay/South End, Jamaica Plain, Dorchester, Cambridge branches within Harvard Square, Kendall Square, Central Square and the Fresh Pond Mall, its Watertown, Somerville, Newton, and Brookline branches, 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. Jan A. Miller President and CEO Tel: (617) 478-4000 Fax: (617) 478-4010 Website: http://www.wainwrightbank.com/ DATASOURCE: Wainwright Bank & Trust Company CONTACT: Jan A. Miller, President and CEO of Wainwright Bank & Trust Company, +1-617-478-4000, or Fax, +1-617-478-4010 Web Site: http://www.wainwrightbank.com/

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