East Boston Savings Bank's Richard J. Gavegnano Named 2017 EV Entrepreneur of the Year® in New England

Mr. Gavegnano joins three decades of groundbreaking entrepreneurs

Boston, June 29 - East Boston Savings Bank's Chairman, CEO and President, Richard J. Gavegnano was presented the prestigious EY Entrepreneur Of The Year® 2017 Award in New England. The award recognizes entrepreneurs who are excelling in areas such as innovation, financial performance and personal commitment to their businesses and communities. Mr. Gavegnano was selected by an independent panel of judges, and the award was presented at a special gala event at the Marriott Copley

"I am deeply honored to be awarded this recognition by EY. I share this award with the entire EBSB community, the Board of Directors, senior management and employees," said Mr. Gavegnano. "It is through their dedication, hard work and shared the vision that has allowed the Bank to grow to $4.6 billion in assets and flourish with an 18% Compounded Annual Growth Rate since 2007. We will continue to operate with the belief that it is our responsibility to foster economic growth in our communities that help to stimulate growth by providing local jobs and banking services to help businesses and individuals thrive."

As a New England award winner, Mr. Gavegnano is now eligible for consideration for the Entrepreneur of the Year 2017 national program. Award winners in several national categories, as well as the  Entrepreneur  of the Year National Overall Award winner, will be announced at the Entrepreneur of the Year National Awards gala in Palm Springs, California, on November 18,

2017. The awards are the culminating event of the Strategic Growth Forum™, the nation's most prestigious gathering of high-growth, market-leading companies.

About EBSB

East Boston Savings Bank, a Massachusetts-chartered stock savings bank founded in 1848, operates 31 full-service locations in the greater Boston metropolitan area. East Boston Savings Bank offers a variety of deposit and loan products to individuals and businesses located in its primary market, which consists of Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. For additional  information, visit www.ebsb.com.

About Entrepreneur Of The Year®

Entrepreneur Of The Year®, founded by EV, is the world's most prestigious business awards program for entrepreneurs, chosen from an independent panel of judges including entrepreneurs and prominent leaders from business, finance, and the local community. The program makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global awards program of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries. Ey.com/eoy

http://tinyurl.com/yddoc3bj

New Boston Fed report finds large disparities in assets and debts among subpopulations in the greater Boston area

Source: Boston Federal Reserve Bank
(BOSTON, MA - March 26, 2015) In a new analysis of the economic well-being of several specific racial and ethnic groups by country of origin, a Boston Fed report
finds large disparities in wealth by race and ethnicity for the Boston metropolitan statistical area. The Color of Wealth in Boston report, released as part of a partnership between the Boston Fed, the Ford Foundation, and the Duke University's Consortium on Social Equity, is part of the National Asset Scorecard in Communities of Color (NASCC) initiative—a pilot survey conducted in targeted metropolitan areas to gain insights about the asset and debt positions of different
racial and ethnic groups.

The Color of Wealth in Boston provides an analysis of assets and debts focused on whites and nonwhites including U.S. born blacks, Caribbean blacks, Cape Verdeans, Puerto Ricans, and Dominicans, a detailed demographic breakdown that is not available in other surveys of income and wealth.

"The wide racial wealth gap we see in Boston is a worrisome sign that many families do not have sufficient assets to offer better opportunities for future generations," said Ana Patricia Muñoz, Director of Community Development Research at the Boston Fed and the  project manager of the Boston NASCC research effort. 


"We are releasing The Color of Wealth in Boston with the goal of encouraging discussions around potential changes in policy and practice at the state and local level that can help tackle the wealth gap, shown to be divergent between whites and nonwhites."


At the release of The Color of Wealth in Boston report on Thursday, a panel of practitioners, funders, and policymakers reacted  to the report's findings. They discussed how a multidimensional and cross-sectorial approach could help address wealth and income inequality at both the municipal and state levels. 


The panel included Massachusetts State Sen. James Eldridge; John Barros, City of Boston Chief of Economic Development; Angela Brown, Director of Programs at the Hyams Foundation; and Tom Shapiro, Director of the Institute on Assets and Social Policy at Brandeis University.

The release of this report builds on the Boston Fed's longstanding concern with the economic well-being of all Americans by providing aggregate data on the assets and debts of communities of color, and encouraging a policy discussion around potential solutions.

About the National Asset Scorecard in Communities of Color (NASCC)

The NASCC initiative has involved the design and implementation of a survey in targeted metropolitan areas (Boston, Los Angeles, Miami, Tulsa, and Washington,
D.C.) to gain insights about the asset and debt positions of racial and ethnic groups at the detailed country-of-origin level. The survey also ascertains unconventional financial information, such as families' use of payday lending and remittances. The NASCC principal investigators are William Darity Jr. (Duke University) and Darrick Hamilton (The New School).