Dr. Matthew J. Stephens Jr., of Wallingford, Pa. and Lagoon Heights died on Friday, July 14. He was 86.

He grew up in Drexel Hill, Pa., and graduated from Upper Darby High School, class of 1948, before going on to the Wharton School at the University of Pennsylvania, from which he ultimately received his Ph.D.

Matt was a First Lieutenant in the Army during the Korean War, serving in Munich and Paris. After the war he went to work for Arthur Andersen, then returned to the University of Pennsylvania for his MBA, which he received in 1959, and his Ph.D. in finance in 1964. He taught accounting and finance at the Wharton School for 45 years, receiving numerous awards, including the Lindback Award for Distinguished Teaching. From 1972 to 1985 he served as vice dean of Wharton, director of the undergraduate division.

He married Beryl Obermann on August 22, 1959. They spent summers at their cottage in Oak Bluffs, which was originally purchased by Beryl’s grandfather in 1906. Matt enjoyed visiting with his neighbors Norm Flodstrom, Frank Mansure, and John Morris while working diligently on home projects. He then loved to cool off in the Lagoon.

He is survived by his wife, two children, Matthew and Kathleen, three grandchildren, and two great-granddaughters.

There will be no services, per his wishes. There will instead be a celebration of his life open to family and friends on August 5 at noon at the Concordville Inn.

Donations may be made in his memory to the Helen Kate Furness Library in Wallingford or a local library of your choice.