After eight years as CEO/president, Ed Lopes is resigning from the $127 million, 10,848-member Grafton Suburban Credit Union in North Grafton, Mass., to take over as CEO/president of the financially struggling $623 million, 24,226-member Liberty Bay Credit Union in Braintree, Mass.
“The credit union made a lot of progress during Ed’s eight years at the helm,” said Andrew S. Nelson, chair of Grafton Suburban CU. “We wish him the best with his future endeavors.”
Lopes helped Grafton Suburban CU become more progressive through technology, community integration and member services, his former employer said. In announcing his resignation, the credit union said Lopes was taking the CEO position at Liberty Bay CU.
Liberty Bay has lost more than $8.5 million since 2009, according to its financial performance reports filed with NCUA.
“It has been a pleasure serving as CEO for Grafton Suburban for nearly a decade, and without a doubt, the outstanding feature of my Grafton experience has been the teamwork,” Lopes said in a prepared statement.
Until a new CEO/president is appointed at Grafton Suburban, CEO responsibilities will be shared by Chief Financial Officer Terry Dorilas and Chief Operating Officer Martha Dean, said Nelson.