BRAINTREE, Mass. – Liberty Bay CU, the ailing one-time telephone workers credit union that moved from downtown Boston to the suburbs three years ago, has hired Ed Lopes, the head of Grafton Suburban CU, as new president and CEO of the $625 million credit union.

Lopes, who headed the $125 million credit union about an hour west of Boston, will succeed Kenneth Dyer, who was president of Liberty Bay for ten years.

Liberty Bay reported a loss of $3.6 million for 2012 and losses of about $1.6 million for each of the preceding three years, as it opened its membership to the surrounding community, moved to Boston’s south shore and changed its name.

Lopes will be succeeded on an interim basis at Grafton Suburban by its Chief Financial Officer Terry Dorilas and Chief Operating Officer Martha Dean, who will share the duties of CEO.

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