BOSTON, Jan. 20 /PRNewswire-FirstCall/ -- Wainwright Bank & Trust Company (Nasdaq: WAIN), announced today that it has completed two bond purchases totaling $10.6 million, including a New Markets Tax Credit Leveraged Loan in excess of $7.6 million, to help finance the expansion of Harbor Health Services, Inc.'s Elder Service Program.
Harbor Health is one of only six health centers in Massachusetts that follow the Program of All inclusive Care for the Elderly (PACE) model which is centered around the belief that it is better for the well being of seniors with chronic care needs to be served in the community whenever possible. Harbor Health is one of the country's oldest community health centers and provides comprehensive outpatient health care, educational, community and social services to the residents of Dorchester, Quincy, Hyannis, Harwich and surrounding communities through its key facilities: Neponset Health Center, Geiger-Gibson Community Health Center and Mid Upper Cape Community Health Center.
Dan Driscoll, President/CEO of Harbor Health noted: "Harbor Health Services, Inc. is very pleased that its collaboration with Wainwright Bank will result in funding to expand its Elder Service Plan, a federally recognized PACE program. Elder Service Plan will now be able to serve over 300 frail elders, providing comprehensive health services designed to keep elders in their homes and out of nursing homes."
In making the announcement, Jan A. Miller, President/CEO stated, "We are pleased to team with Harbor Health to assist in the relocation and expansion of their Elder Services Program. Non-profit and community development lending is a core business strategy of the Bank."
Previously, in December, the Bank announced that it had received a $22 million investment from the U.S. Treasury's Capital Purchase Program, designed to provide capital for healthy banks to continue to lend in the communities they serve. Since receipt of the investment, the Bank has made more than $17 million in community development loans, more than $6 million in business loans and more than $2.5 million in residential mortgages. Miller said, "We are pleased that the U.S. Treasury chose to make an investment in Wainwright to enhance our strong capital position and enable us to continue to meet the financing needs of our customers."
With Boston branches in the Financial District, Back Bay/South End, Jamaica Plain, Dorchester, Cambridge branches within Harvard Square, Kendall Square, Central Square and the Fresh Pond Mall, its Watertown, Somerville, Newton, and Brookline branches, Wainwright is strategically positioned to provide consumer and commercial mortgages, loans, and deposit services to individuals, families, businesses, and non-profit organizations.
This Press Release contains statements relating to future results of the Bank (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Legislation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within the Bank's market, bond market fluctuations, personal and corporate customers' bankruptcies, and inflation, as well as other risks and uncertainties.
Jan A. Miller President and CEO Tel: (617) 478-4000 Fax: (617) 478-4010 Website: www.wainwrightbank.com
|SOURCE Wainwright Bank & Trust Company|
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