Wainwright Bank
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | July 28, 1987 in Boston, Massachusetts, United States |
| Founder | Robert Glassman, John Plukas |
| Defunct | 2010 |
| Fate | Acquired by Eastern Bank |
| Headquarters | Boston , United States |
Area served | Boston metropolitan area |
| Products | Banking, community development lending, Green Loan program |
Number of employees | Not specified |
| Parent | Eastern Bank (after 2010) |
Wainwright Bank was a Boston-based financial institution known for its progressive social agenda, established in 1987 by Robert Glassman and John Plukas. In 2010, it was purchased by Eastern Bank for $163 million. Recognized as a "rebel with a cause," Wainwright actively promoted causes such as LGBTQ rights, affordable housing, immigration reform, and anti-war activism.
The bank maintained a network of 12 branches located throughout Boston, Cambridge, Brookline, Newton, Watertown, and Somerville. It emphasized community development, human and civil rights, and investments with social impact, cultivating a strong identity in the realm of socially responsible banking.
Wainwright gained attention in several business publications focused on conscious capitalism and ethical leadership, including Megatrends 2010: The Rise of Conscious Capitalism (2005), The High Purpose Company (2006), and The Soul of a Leader (2008).
After the acquisition, Eastern Bank absorbed Wainwright’s branches, personnel, and community programs, retiring the Wainwright brand by late 2010.
Mission and values
Wainwright Bank was a vocal supporter of universal civil rights, backing the Employment Non-discrimination Act (ENDA) in 1996 and endorsing the National Organization for Women’s Women Friendly Workplace Pledge in 1997. The bank also spearheaded initiatives urging the Massachusetts Banker’s health insurance consortium to provide same-sex partner health benefits to member banks.
According to the Federal Deposit Insurance Corporation, Wainwright distinguished itself in community development lending, achieving an "outstanding" rating on its 2008 Community Reinvestment Act Performance Evaluation by effectively addressing credit needs in low- and moderate-income areas.
A significant portion of Wainwright’s commercial loans were directed toward socially responsible community development projects.
The institution demonstrated a strong commitment to environmental sustainability in both its facilities and product offerings. Its final two branches—Coolidge Corner and Newton—earned Silver and Gold LEED certifications respectively, acknowledging achievements in energy conservation, water efficiency, carbon dioxide reduction, and resource management. In 2008, Wainwright opened its twelfth branch within Dorchester’s Transit-Oriented Development building near the MBTA Ashmont Red Line Station.
Introduced in 2001, Wainwright’s Green Loan provided discounted home equity loan rates to support energy-efficient home upgrades such as solar installations, passive solar heating systems, green roofing, and wind power devices.
Internally, the bank’s management practices received national recognition for progressiveness. Its workforce communicated in 22 languages; nearly 40% of board members were women or minorities; over half of the officers were female; about 10% of employees identified as openly gay or lesbian—including two senior vice presidents—and minorities represented more than one-third of staff.
History
Founded on July 28, 1987 by John Plukas and Robert Glassman, Wainwright Bank commenced public stock offerings on October 13, 1988.
In 1989, it launched the Social Justice Award,, which granted $10,000 annually to nonprofits or individuals excelling in social justice efforts. That year also saw the bank report profits totaling $1.3 million.
By 1994, Wainwright had begun providing same-sex medical benefits to its employees.
In 1997, the bank acquired a 30% ownership stake in Trillium Asset Management, a prominent independent firm specializing in socially responsible investing. That same year it endorsed the NOW Women Friendly Workplace Pledge and received its first of ten Bank Enterprise Cash Awards from the US Treasury’s Community Development Financial Institutions Fund between 1997 and 2009—these awards support FDIC-insured institutions financing community development initiatives.
Business Ethics magazine honored Wainwright in 1998 for its dedication to social justice and ranked it eighteenth among the "100 best corporate citizens" in 2006 due to over $400 million in loans supporting affordable housing and shelters; it placed thirty-eighth in 2007.
In 1998, Wainwright became a signatory to CERES—a coalition addressing sustainability challenges including climate change.
The bank launched CommunityRoom.net in 1999 to provide nonprofit clients with free web pages and online donation tools.
By 2003, the Community Investing Campaign recognized Wainwright for advancing economic opportunity through community investments such as credit lines supporting breast cancer research.
On November 15, 2004, KLD Research & Analytics included Wainwright in its Domini 400 SocialSM Index for exemplary environmental, social, and governance (ESG) performance.
In 2006, Wainwright introduced the Equal Exchange Certificate of Deposit—the first branded CD—partnering with a Fair Trade cooperative.
The bank earned an “outstanding” rating on its Community Reinvestment Act Performance Evaluation in 2008. That year it also secured a $25 million allocation of New Markets Tax Credits through Affirmative Investments to fund projects in distressed Boston neighborhoods including Hyde Park, Mattapan, Dorchester, and Roxbury.
Eastern Bank acquired Wainwright for $163 million in 2010. The transaction resulted in the integration of Wainwright’s branches, staff members, and community programs into Eastern Bank’s operations under its own brand.