Wainwright Bank

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Description:

Wainwright Bank & Trust Company is a banking company who attracts deposits from the general public and businesses, originates residential and commercial real estate mortgages and loans, invests in securities and provides investment management services. The Company’s wholly owned subsidiary, Heritage Capital Management, Inc., conducts investment management business1.

1. adapted from http://www.google.com/finance?q=NASDAQ%3AWAIN

Positive Impact – Doing:

1. Community bank in Boston with over 50% of its commercial loan portfolio committed to socially responsible community development projects (more than any other commercial bank in the country) in affordable housing, homeless shelters, food banks, environmental protection in the state, health centers, elderly care, HIV/AIDS services (like housing), immigration services, and even breast cancer research. Zero losses to date - in part because of the strong, close relationships with companies they loan to, via philanthropic contributions and volunteerism. Over $700M in community development loans have been made by Wainwright since its founding in 19871, 2, 3.
2. Examples - Financed the purchase and preservation of New Hampshire's Connecticut Lakes property, the largest unbroken tract of privately held forestland. Short-term financing to the Silent Spring Institute and the Earthwatch Institute. Financed the Union of Concerned Scientists headquarters. GreenLoan home equity loans give a discounted rate to people that install solar energy systems. All investments are screened based on social and environmental criteria; what criteria does Wainwright most focus on?4.
3. Diverse body of employees - 60% female bank workforce, 50% female bank officers, 30% minority employees, 4 of 10 board of directors are women or minorities; 22 languages spoken5, 6..4. LEED certified banking branches - "Two Wainwright Bank branches have received LEED (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council and two more are seeking certification. The Newton Centre branch is the second bank branch in the country to receive a Gold certification and the Coolidge Corner branch in Brookline received the first Silver certification in New England. Criteria include recycling at least 50% of demolition materials and filtering dust from the air during demolition; using recycled and renewable materials such as aluminum window frames, rubber and bamboo flooring, compressed cornhusk cabinetry, and rehabbing used furniture; installing low-energy HVAC systems, appliances and computers; maximizing the use of natural light including skylights and Sun Tubes; purchasing renewable energy certificates; being located near public transportation"7.
5. Charitable giving - generously so, relative to the banking industry. In FY 2003 the company donated 3% of trailing three-year net earnings before taxes to charity, compared to an average of 0.98% for the financial sector. In addition, the company created CommunityRoom.net which hosts free websites and provides online donation capabilities for nonprofit clients of the bank8.

Positive Impact – Talking:

1. Mission statement emphasizes commitment to socially responsible investing1.
2. "Since 1993, long before the term ‘green’ was widely used, Wainwright Bank has employed sustainable practices simply thinking of it as a part of its commitment to social responsibility. The concept is quite basic: in all aspects of doing business equally consider the impact on people, planet and profit. Or in other words, do no harm"2. Rated as one of the Top 20 Sustainable Stocks in the world3.
3. Publicizes and promotes a socially responsible, proactive agenda concerning civil liberties - Publicly makes HIV/AIDS, gay rights, women’s rights priority issues; e.g., in 2003, the Bank established a Financial Literacy program for the Greater Boston area's inner-city residents, and also addressed the General Court of Massachusetts in support of equal rights in gay marriage, as well as providing domestic partner medical benefits to qualified employee partners4. Wainwright's commitment to supporting social justice issues has been widely recognized including being named one of the 11 Best Lenders to Women in the U.S.5.
4. CSR Report published annually based on the Global Reporting Initiative standards; environmental Policy to minimize pollution and energy consumption by all bank branches, several of which are LEED certified6.
5. Awards - On 8/25/09, Wainwright was selected to receive a 2009 Bank Enterprise Award of $477,474 from the Community Development Financial Institutions Fund of the U.S. Treasury. The award recognizes Wainwright's efforts in providing affordable housing development and small business loans within distressed communities. The bank was one of two New England and 55 financial institutions nationwide to be recognized7.
6. Rankings - On 4/27/06, Wainwright was ranked eighteenth among the "100 Best Corporate Citizens" for 2006 by Business Ethics Magazine. The ranking was awarded based on numerical data collected by KLD in the following 8 stakeholder categories: shareholders, community, governance, diversity, employees, environment, human rights, and product8.

Controversy:

1. Was involved in commercial disputes involving lender liability issues1.

1. http://www.wilmerhale.com/robert_keefe/

Notes:

1. Commercial bank and a publicly traded company that manages to be successful while supporting, via both positive talking and positive doing, a wide variety of positions supporting environmental responsibility and the rights of society’s various minority and marginalized groups.
2. Through 2008, growth in total loans, deposits, and assets (became a billion dollar bank in 2008). 2008 Annual Report: https://www.wainwrightbank.com/html/about/financials/reports/wbtar2008.pdf 3rd Quarter 2009 report: https://www.wainwrightbank.com/html/about/financials/statements/PR-3rdqt...
3. HQ in Boston, MA

Additional Research:

WikiPositive - BETA collaborating for transparent social and environmental research

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