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Corporate Social Responsibility
News
11.17.2004 ET
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CSR News from:
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Wainwright Bank Added to KLD's Domini 400 Social Index
(CSRwire) BOSTON - Wainwright Bank (Nasdaq: WAIN), a commercial bank
headquartered in Boston, Massachusetts has been added to the Domini 400
Social Index(SM) in an announcement today by KLD Research &Analytics,
Inc., an independent investment research firm. The Domini 400 Social Index
is a market capitalization-weighted common stock index. It monitors the
performance of 400 U.S. corporations that passmultiple, broad-based social
screens. The Index consists of approximately 250 companies included in the
Standard & Poor's 500 Index, approximately 100 additional large companies
not included in the S&P 500 but providing industry representation, and
approximately 50 additional companies with particularly strong social
characteristics.
Reasons KLD added Wainwright Bank to the Domini 400 Social Index
The company's mission statement outlines its commitment to being a
leader in socially responsible lending. The company's management
philosophy embraces the interests of multiple stakeholders, including
employees, customers, and communities. The company believes that
employees, customers, community leaders, and shareholders must play an
active role in shaping the direction of the bank.
Wainwright Bank has a longstanding and exceptional commitment to
supporting projects that benefit the economically disadvantaged and
"disenfranchised." In FY 2003, community development loans accounted for
29% of the company's commercial loan portfolio. These loans were awarded
not only to housing for low-income residents, but to organizations that
provide services for the homeless, support environmental protection,
provide elder care, and create housing for people living with HIV/AIDS.
Wainwright's charitable giving program is exceptionally generous for
the banking industry. In FY 2003 the company donated 3% of trailing
three-year net earnings before taxes (NEBT) to charity, compared to an
average of 0.98% for the financial sector. In addition, the company
created CommunityRoom.net(TM) which hosts free websites and provides
online donation capabilities for nonprofit clients of the bank.
The company has strong representation of women and minorities in
senior management and on its board. Three women serve among the company's
twelve principal senior line executives. Four of the company's ten-member
board of directors are women or minorities.
Wainwright Bank has a policy against discrimination based on sexual
orientation and provides domestic partner medical benefits to qualified
employee partners.
About KLD Research & Analytics, Inc.
KLD Research & Analytics, Inc. is an independent investment research firm
providing investment management tools used by professionals to serve
clients requiring investment strategies based on social and environmental
responsibility. KLD products and services, including Socrates (a
web-based, company research tool) are used for screening, compliance and
asset gathering.
About Wainwright Bank & Trust Company
Wainwright Bank, a commercial bank founded in 1987 with current assets of
$700 million, provides financial services to consumers, businesses and
nonprofits. The bank has committed over $400 million in loans for socially
responsible community development projects including affordable housing,
environmental protection, homeless shelters, HIV/AIDS services, food
banks, breast cancer research, immigration services and more. Recent
recognition includes being named one of the world's Top 20 Sustainable
Stocks, one of the 11 Best Lenders to Women in the U.S., and one of the
Top 10 "Green" Banking Firms in the U.S.
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