Wainwright Bank Lends $10 Million to Commonwealth Dairy for Construction of State-of-the-Art Yogurt Production Facility

BOSTON, April 28 /PRNewswire-FirstCall/ --Wainwright Bank & Trust Company (Nasdaq: WAIN) has provided $10 million in financing to Commonwealth Dairy, LLC for the construction of a state-of-the-art yogurt production processing facility in Brattleboro, Vermont.

Commonwealth Dairy is a joint venture between Ehrmann USA, a subsidiary of family-run Ehrmann AG, an international yogurt company based in Germany with annual revenues in excess of $1 billion, and Commonwealth Yogurt.  The new facility will be LEED (Leadership in Energy and Environmental Design) compliant as determined by the U.S. Green Building Council.

Anticipated to be operational in early 2011, Commonwealth Dairy will utilize the latest technology and automated production processes.  All-natural, rBST-free and organic milk will be used in manufacturing.  A projected 24 new jobs will be created within the first three years of operation and a portion of net profits will be returned directly to local dairy farmers.

"Wainwright Bank was clearly the logical funding source for us, not only because of their proven commitment to corporate social responsibility, but because they understood what we're all about.  More than just a banking transaction, it's truly a partnership," said Thomas Moffitt, President, Commonwealth Dairy.

"Wainwright Bank has a long history of providing financing to socially and environmentally conscious companies such as Commonwealth Dairy.  In this case, the facility is purposely located near the dairy farms that will supply Commonwealth Dairy with fresh, responsibly produced milk.  This will not only guarantee the highest quality of yogurt to New England consumers, but will ensure that transportation distances, and thus the facility's environmental impact, are minimized," said Christopher Scoville, Wainwright Bank Community Development Lender for the project.

Founded in 1987 and headquartered in Boston, Wainwright Bank is a leading socially progressive bank with assets of over $1 billion and 12 branches throughout Greater Boston.  Over 50% 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 Top 20 Sustainable Stocks in the world by SustainableBusiness.com and one of the Top 10 Best "Green" Banking Firms by the Social Investment Forum.

SOURCE Wainwright Bank & Trust Company

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED