Gubernatorial Candidate Joins Board Of Troubled Bay State CU

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BRAINTREE, Mass. – Tremont CU, the subject of a state supervisory action a year ago, yesterday named former Republican gubernatorial candidate Charles Baker to its volunteer board of directors.

Baker lost the Governor’s race last year to incumbent Democrat Deval Patrick. Prior to that he worked for a decade as president of Harvard Pilgrim Health Care, turning around the money-losing health maintenance organization, and served key roles in the administrations of Republican governors William Weld and Paul Cellucci. He recently joined Cambridge-based venture capital firm General Catalyst Partners.

“Charlie’s consummate blend of business skills, government experience, financial expertise, and regulatory knowledge will provide extraordinary organizational benefits,” said George Hardiman, chairman of the $170 million credit union.

“I admire and appreciate the critical role the credit union industry plays in providing accessible and low-cost financial services to the people of Massachusetts,” said Baker, noting the credit union continues to make changes required under last year’s supervisory agreement with the Massachusetts Division of Banks.

Tremont CU posted a $7.7 million net last year after losing $11.5 million in 2009. It currently is searching for a new CEO. The interim CEO, Gary Fishlock, was brought in by regulators to lead the reorganization.

 

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