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Wainwright: Banking on Values

by Lee

I met a friend of a friend the other day who told me about Wainwright Bank, which is based in Boston. The bank is a national leader in socially progressive banking. Since 1992, Wainwright has provided $570 million in loans to services for progressive causes, including women's rights, homelessness, affordable housing, environmental protection, and gay and lesbian issues.

Based on some quick reading I've done, I found that co-founder Bob Glassman was the visionary behind the bank's social agenda: he wanted to create a new model for the banking industry by demonstrating that "you can be profitable...at the same time you are allocating capital to underserved communities." They offer largely the same products and services as all banks (online banking and bill pay, credit cards, debit cards, mortgages, etc.) with some differences: their people are excited and enthusiastic about what they're doing, their branch offices are unique (their first cyber cafe branch opened in 2001 with Internet kiosks anyone can use, soft seating, a fireplace, free coffee and donuts, a TV, newspapers, etc.), they provide a wide range of nonprofit services, and they are extremely active in the community.

I need to read more about Wainwright, but I'm excited to learn more about other organizations that, like kasina, are experimenting with a unique mix of profitable business, fun work environment, and social responsibility.