Boston’s gay bank bought out

[Ian David]

Boston’s gay bank bought out
Eastern Bank purchases Wainwright Bank & Trust Co. for $163 million; promises to continue community involvement.
by Hannah Clay Wareham
Associate Editor
Tuesday Jun 29, 2010

<snip>

Wainwright -- known for its annual awards to LGBT leaders, free or no-fee banking for community organizations, and flexibility with allowing community groups, including Boston Pride, to use its facilities -- is among the largest 1,000 banks in America. The company pride itself on its traditions of community involvement and philanthropy, touting a "history of socially progressive banking" on its website, wainwrightbank.com. Inspired by the civil rights movement of the ’60s, Wainwright, which opened in 1987, aimed to continue working toward equal rights for all -- taking special care to include the lesbian, gay, bisexual, and transgender community, as well as those suffering from HIV/AIDS.

"It is a pleasure to join forces with an organization that is an acknowledged leader in many social justice issues, including development of affordable housing, support of community health centers, and leadership in improving the environment and protecting the rights of all," Richard E. Holbrook, chairman and CEO of Eastern Bank, said in a prepared statement. "By combining our two organizations, we will broaden our horizons and do even more to make our communities a better place to work and live, while providing our customers with top-notch banking, investment, and insurance services. I cannot think of a more appropriate partnership than this one combining a 192-year-old mutual company with the banking industry’s leader on socially progressive issues."

Once the merger is complete -- a move that is expected to happen during the fourth quarter of this year -- the combined organization will offer more than 90 retail banking offices across eastern Massachusetts, including 22 in the metro Boston area.

<snip>

Eastern Bank Corporation has donated an average of more than 10 percent of its net income to charity, netting almost $50 million in the past ten years. Eastern intends to continue to present the Wainwright Social Justice Award, a trademark of Wainwright’s continued dedication to the communities it serves. Past recipients of the award include Julie Marston and Dr. Calvin Cohen of the Community Research Initiative of New England (2006); Mary Bonauto and Gay & Lesbian Advocates & Defenders (2004); Jonathan Scott of Victory Programs, Inc. (2001); and Todd Summers of the AIDS Housing Corporation (1995).


More:
http://www.baywindows.com/index.php?ch=news&sc=glbt&sc2=news&sc3&id=107426