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EBSB and YMCA Savings Program

September 25, 2017
Photo of YMCA and EBSB employees

East Boston Savings Bank (EBSB) announced its partnership with the YMCA of Greater Boston, on their local initiative towards instituting a college savings program for the families and students of the Martin Luther King Jr. (MLK) Middle School, located at 77 Lawrence St., Boston. 

The MLK Middle School is at the top of the opportunity index for Boston Public Schools and is located in one of the most economically challenged neighborhoods in the city. This savings program will allow a majority of families who attend the school, from kindergarten through 8th grade, to contribute an annual investment of $50 dollars towards a long term savings account that will create an opportunity for a kindergartner to have $400 saved by the end of 8th grade.  As an additional incentive toward this financial venture, East Boston Savings Bank has agreed to match each student’s investment, therefore contributing towards an even greater amount saved.

The program currently has 39 students enrolled, with hopes of a substantially growing to a total of a 100 enrolled. “East Boston Savings Bank is proud to partner with the YMCA of Greater Boston on this beneficial long-term investment program for the students of the Martin Luther King Jr. School. EBSB has had an ongoing partnership with the YMCA through numerous sponsorships and grants to aid in the organization’s continued efforts in supporting local communities and providing educational resources for youth. We are very grateful to have the opportunity to engage families regarding their financial health and fiscal responsibility and we greatly look forward to the program’s progress,” said Chairman, CEO and President, Richard Gavegnano.

Photo L-R: Edward Merritt, EBSB Executive Vice President; Donna Stewartson, YMCA Community School Director;  Grace Coleman, Principal of the MLK Middle School ; Andrea Baez, Executive Director of Dorchester YMCA; James Morton, YMCA President and CEO; Richard Gavegnano EBSB Chairman, CEO and President and Wendy Zinn, YMCA SVP of Partnerships