Salem Co-operative Bank Announces Retirement of President and CEO Ann R. Lally and Appointment of Daniel X. Stannard as Successor

Salem, NH – Chair of the Board, Nadema A. Gemmell, on behalf of the Board of Directors of the Salem Co-operative Bank, announces that Ann R. Lally, President and CEO, will retire effective June 30, 2025. The bank also announces Daniel X. Stannard has been appointed to succeed Ann as President and Board Member upon her retirement.

Ann has been a cornerstone of the bank since 1986, taking the helm as President in 1997 and later becoming President and Chief Executive Officer in 2013. Over four decades, her leadership has been instrumental in driving the bank’s strategic growth, deepening customer relationships, and fostering community partnerships. Under her guidance, Salem Co-op has not only expanded its reach and growth through strategic alliances but has continued to provide highly personalized consumer and business banking solutions that reflect the needs of its customers.

“Ann is not just a leader, she’s the heart of our bank,” said Nadema A. Gemmell, Board Chair. “Through the years, her energy, professionalism, and authentic connection with people make her a beloved figure to colleagues and community alike. We thank Ann for her dedication, commitment, community leadership and 39 years of service to our customers. She will be missed by many as she embarks on a new chapter of her life and joins her husband Peter in retirement.”

Ann’s achievements extend beyond her professional success. Ann is widely recognized for her deep commitment to community engagement, a value she actively fosters within her team. During her tenure, she served as President and Director of the Boys and Girls Club of Greater Salem; Treasurer and Director of the Greater Salem Chamber of Commerce; Board Member for Southern New Hampshire University; Regional Board Member for the New Hampshire Charitable Foundation; Trustee for the Salem Dollars for Scholars; and Chairman and Director on the Board of the New Hampshire Bankers Association, among countless other organizations.

Ann’s exceptional contributions have earned her numerous honors, including the Chief John P. Ganley Community Service Award, the William Brown Distinguished Businessperson of the Year, NH Community Banker of the Year, the Southern New Hampshire University Alumni Hall of Fame Award, and Person of the Year from the Boys and Girls Club of Greater Salem.

“I hope that, in some small measure, I’ve been able to serve the bank and its communities to the best of my ability,” said Ann. “I’m incredibly proud and grateful for the opportunity to work alongside so many dedicated individuals and to make a positive impact on the lives of our customers. I’m confident that Dan’s experience, enthusiasm, and energy will lead the bank into a new phase of growth while continuing to support both staff and customers.”

As incoming President, Dan will be responsible for leading the bank’s overall strategic growth across retail, mortgage, and business markets. His focus will be on deepening customer relationships, fostering community partnerships, and driving innovation while upholding the bank’s core values.

“Having spent most of my career in community banking, I have seen firsthand the important role community banks play in supporting local customers and strengthening the communities they serve,” said Dan. “I am honored to join this organization and look forward to building on the strong culture of service that Ann and her team have cultivated. As the financial industry continues to evolve, I am committed to collaborating closely with both consumer and business customers to help them navigate new opportunities and challenges.”

Dan brings with him over three decades of experience in consumer, residential and commercial lending and management, business development, and community service. He has served as Executive Vice President, Senior Lending Officer, since 2014 and as a Board Member since 2023 for Woodsville Guaranty Savings Bank (NH) and its holding company, Guaranty Bancorp, Inc.

Dan has a strong commitment to serving the community as demonstrated through his extensive leadership roles. He has volunteered with numerous nonprofit organizations, including serving as a past Board Member and currently as Treasurer and a member of the Development and Finance Committees for Twin Pines Housing Trust. He is also Treasurer for Hanover, NH School District, and Board Chair of the Ford K. Sayre Memorial Ski Council. He is the former Chair for the Manchester Health Services Board (Visiting Nurses) and past President of The Regional Affordable Housing Corporation. Dan also helped establish the Rutland County Community Land Trust, assisting in the development of affordable housing.

“We are impressed with his leadership style – one that is both visionary and deeply rooted in community values,” said Nadema A. Gemmell Board Chair. “He has a leadership style which promotes a culture of trust, service, and accountability that will inspire our team, as well as enhance the continued confidence of the customers we serve.”

Please join us in wishing Ann all the best in her new endeavors and welcoming Dan to our team!