Matteson Succeeds Lopes at Liberty Bay CU
Lyndon Matteson’s promotion is part of a succession plan announced when he was hired as president in December 2018.
Lyndon Matteson has been promoted to president/CEO of Liberty Bay Credit Union of Braintree, Mass. ($669.3 million, 27,772 members)—nine months after he was hired as president.
He succeeds Edward Lopes, who helped stem losses at the credit union south of Boston after taking over as president/CEO in February 2013.
Matteson’s promotion was part of a succession plan announced when he was hired as president in December 2018. Lopes served as CEO for the past nine months, and will soon retire.
“Lyn has done an outstanding job building on his track record of delivering growth and earnings in the short time he has been at Liberty Bay,” said Edward Foley, chair of the credit unions with five Boston-area branches.
“His deep expertise in business development will be on display with several new programs scheduled to launch this fall,” Foley said.
Prior to joining Liberty Bay Credit Union, Matteson held executive positions at Upstate National Bank, Cobblestone Financial Group, Inc., Citizens Bank/Charter One Bank, and Key Bank.
Matteson said one of his top priorities is to deliver “sophisticated, but easy-to-use technologies increasingly supported by financial education.”
“Ed Lopes created a solid foundation and I look forward to building on Liberty Bay’s track record of success,” Matteson said.
Lopes came to Liberty Bay after eight years as president/CEO of Grafton Suburban Credit Union, about 40 miles west of Boston, and then having about $127 million in assets and 24,226 members.
He arrived at Liberty Bay after it had lost more than $8.5 million from 2009 through 2012.
Over the following six years, the credit union’s assets grew 7.2%, members grew 13.6%, and net worth grew 12%.
Liberty Bay generated $7.2 million in net income from 2013 through 2018 with an annualized return on average assets of 0.19%. That included five years of gains and a $681,938 loss in 2017. Net income for the first half of 2019 was $264,622, down 39% and with an ROA of 0.08%.
Its net worth ratio stood at 15.24% in June, up from 14.57% in December 2012.