|
Corporate Social Responsibility
News
8.25.2005 ET
|
CSR News from:
|
|
|
News Category:
|
|
Wainwright Bank Receives $420,000 Award From CDFI Fund One of Only 53 Banks Nationwide to Receive Recognition
(CSRwire) BOSTON, MA -Wainwright Bank & Trust Company (NASDAQ: WAIN) has been
awarded a 2005 Bank Enterprise Award of $420,000 from the Community
Development Financial Institutions Fund of the U.S. Treasury.
The award was provided in recognition of Wainwright's 2005 lending
activities in distressed communities and for providing $7 million in
financial assistance to the Boston Community Loan Fund. The bank was one
of only two Massachusetts and fifty-three financial institutions
nationwide to be recognized.
The Bank Enterprise Award (BEA) Program provides incentives for FDIC
insured financial institutions to annually increase the levels of
financial services provided to economically distressed communities. Such
services may include financing for needed community facilities, commercial
loans to small businesses, loans to rehabilitate rental housing, mortgages
for first-time homebuyers and direct investments in Community Development
Financial Institutions (CDFIs).
The awards are in varying amounts based on a financial institution's
increase in community development activities over a pre-defined period of
time. Of the fifty-three banks nationwide sharing the $13.9 million award
total, Wainwright received the twelfth largest amount.
"We are honored to have our community development lending efforts
recognized by the U.S. Treasury for the eighth year in a row. We've used
the awards to create a donor advised fund at The Boston Foundation, and to
develop CommunityRoom.net which provides free hosted websites with on-line
donation capabilities to the nonprofit clients of Wainwright Bank," said
Senior Vice President and Community Development Loan Officer, Pamela
Feingold.
Founded in 1987, Wainwright Bank is a socially responsible commercial bank
headquartered in Boston with assets of $725 million primarily serving
neighborhoods in Boston, Cambridge, Brookline, Newton, Watertown and
Somerville. Nearly a third of the bank's commercial lending portfolio is
dedicated to community development initiatives including affordable
housing, homeless shelters, HIV/AIDS services, community health centers,
and environmental issues to name a few. Wainwright's commitment to social
justice has been widely recognized including being named one of the 11 Best
Lenders to Women in the U.S. and one of the Top 10 Best "Green" Banking
Firms nationwide.
www.wainwrightbank.com
|
|
