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Meet Richard Gavegnano, “Through the eyes of the youth”

I respected what I learned from my grandparents that immigrated from Italy to East Boston even thou they coud not speak English very well. They thought me work ethics that the immigrants brought here wherever countries the came from.

Interview

Profile

Whenever and wherever there is a need, Dick is not one to hesitate in lending a hand. He attributes all his successes to his childhood experiences growing up on Neptune Road.

Biography

Richard J. Gavegnano is not your typical President, Chairman and CEO of a $4.8 billion financial institution. Looking back he has come a long way from his early years of growing up in East Boston with a single mother and Italian immigrant grandparents.After graduating high school, Dick got a job in the mailroom of a brokerage firm where he quickly moved up the ranks to become a successful stockbroker. His career as a stockbroker with AG Edwards concluded when he took over the reigns as Chairman and Chief Executive Officer of East Boston Savings Bank.

After graduating high school, Dick got a job in the mailroom of a brokerage firm where he quickly moved up the ranks to become a successful stockbroker. His career as a stockbroker with AG Edwards concluded when he took over the reigns as Chairman and Chief Executive Officer of East Boston Savings Bank.

Dick’s affiliation with EBSB began in 1974, first as a corporator, trustee and then as the lead independent director. His reign as Chairman of the Board began in 2003 and in 2007, Dick was elected Chief Executive Officer of the Bank and in March of 2014 he was appointed President of the institution.

As Chairman and CEO, Dick has used his past experiences to grow East Boston Savings Bank from a $1 billion asset-size bank to a $4.8 billion bank, acquired and rebranded a $465 million local South Boston bank (Mt. Washington Bank) and added 20 full-service branch offices making it 31 branches throughout the Boston area.

In 2008, Dick was the driving force behind the partial public offering of East Boston Savings Bank (Nasdaq: EBSB) raising over $100 million from investors while increasing the bank’s assets to over $1.9 billion. In 2014, Meridian Bancorp, Inc. the holding company for EBSB, commenced a “second step” stock offering to become a fully public company. The “second step” offering was completed after raising $325 million from investors during the offering.

In 2017, Dick 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.

 

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