3 colleges to share $3M from FirstFed Foundation

SWANSEA – The Robert F. Stoico / FirstFed Charitable Foundation will make three separate gifts of $1 million each to Roger Williams University in Bristol, Bristol Community College in Fall River and the University of Massachusetts-Dartmouth.
The grants were announced by founder Robert F. Stoico, who served for many years as chairman of the former FirstFed America Bancorp Inc., which was acquired in 2004 by Webster Financial Corp. (NYSE: WBS).
Stoico – who maintains residences in Rhode Island, on Cape Cod and on Marco Island, Fla. – noted that many of his employees at the Fall River-based community bank had been educated at the three colleges.
“I’ve been thinking about doing something like this for a long time,” he said in announcing the grants. “Education is power. In this country, a person who is driven to achieve can reach his or her goals because of equality in our system of higher education.
“We wanted to honor the colleges in our area, while paving the way to a brighter future for our communities’ young people through scholarship support. We especially wanted to give back to the local schools that trained so many successful FirstFed employees,” he said, adding: “I can think of no better investment than in a young person with dreams.”

“Bob Stoico has been a great supporter of higher education in our region, and we at Roger Williams University are grateful for his generous commitment,” RWU President Roy Nirschel said in a statement.
“His previous support and that of the Foundation enabled us to strengthen our business and its program in financial literacy for our students and the community. “This new commitment will enable us to strengthen another important academic priority that serves the region … The World Languages Center will provide opportunities for our students to strengthen their language skills,” and help them compete in the global economy, Nirschel said.

For Bristol Community College, the grant is “the largest single gift ever received,” President Jack Sbrega said in a statement.
“In a time when a college education is an essential credential and communities desperately need access to the life-changing power of education, The Robert F. Stoico / FIRSTFED Charitable Foundation has stepped forward to put its money where its mission is and to provide resources to give members of our community access to their dreams,” Sbrega said. UMass-Dartmouth Chancellor Jean F. MacCormack said: “On behalf of the 9,000 students of our university, I want to thank Mr. Stoico and the foundation for its great act of generosity. These funds will be used to transform our grand library reading room into a state-of-the art study area for our students and establish new scholarships that will make the dream of higher education possible for students from our region.”
Past recipients of $1 million grants from the foundation include St. Anne’s Hospital and the Boys & Girls Club of Fall River.
The Robert F. Stoico / FirstFed Charitable Foundation, formerly the FirstFed Charitable Foundation, has given and pledged nearly $10 million to nonprofit organizations in southeastern Massachusetts and nearby Rhode Island since 1998. For additional information, visit www.stoicofirstfed.org.

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