Liberty Bay Credit Union's succession plan moves ahead as CEO retires

Liberty Bay Credit Union in Braintree Mass., on Monday promoted Lyndon Matteson to president and CEO.

As reported, Matteson came aboard at the credit union as president late last year as part of a succession plan in advance of President and CEO Edward Lopes’ upcoming retirement. A statement from the credit union said with the chief executive’s departure pending, Matteson was set to take full control of the institution, assuming CEO duties along with day-to-day operational responsibilities.

“It is an honor to take over as president and CEO of Liberty Bay Credit Union,” Matteson said in a press release. “Ed Lopes created a solid foundation and I look forward to building on Liberty Bay’s track record of success. Delivering sophisticated, but easy to use technologies increasingly supported by financial education as well as a introducing a variety of exciting new initiatives are my top priorities”

Edward Foley, chairman of the board of directors at the $669 million-asset shop, praised the new CEO’s efforts since joining the leadership team.

“His deep expertise in business development will be on display with several new programs scheduled to launch this fall,” he said.

Liberty Bay has performed strongly so far this year, with the CU’s most recent call report listing more than $264,000 in net income during the first half of this year, a 13% increase over the same period in 2018.