Community Corner
Local Business Spotlight: Salem Co-operative Bank
Salem Co-operative Bank offers a full suite of loan and deposit products and services for businesses and individuals
This Patch article is sponsored by Salem Co-operative Bank.
Local businesses are the heart of our communities. Patch had a chance to talk with Dan Stannard, President of Salem Co-operative Bank.
Patch: Tell us a bit about your business or organization:
Dan Stannard: Salem Co-operative Bank is a co-operative bank, much like a mutual bank, it has no stockholders. We offer a full suite of loan and deposit products and services for businesses and individuals.
Patch: How long have you been doing business in town, or how long has your organization been around in the community?
Dan Stannard: The Bank was established over 100 years ago, in 1922, in Salem, New Hampshire, where our headquarters are still located today. We were the first bank headquartered in Salem. We do business in all the surrounding communities and added a second location in Methuen, Massachusetts in 2010.
Since our inception, we have been a big part of all the local communities. In 1997, to celebrate our 75th anniversary, Salem Co-operative Bank established a small philanthropic foundation, Salem Community Benefit, Inc. funded completely by the Bank. This provides another means for us to be supportive in our communities.
Patch: What attracted you to the line of work you’re in, and how did you get started?
Dan Stannard: I ended up in banking by chance, as a result of a part-time job at a bank when I was in high school. I am, however, one of those people that has been lucky to work in an industry that I love.
Patch: What's the most common piece of advice you give to customers?
Dan Stannard: Banking is a really competitive industry. Even in our small communities, we have numerous banks of every size. Our brand is still very personal. We have long-term employees that know our customers well. We still have a receptionist when you walk into our main office. At the same time, we have current technology that allows a customer to do business with us in person or by using their smart phone or home computer.
I often tell customers that we are the best of both worlds. We can meet your technology needs, but we still meet with customers face-to-face when they have a situation or a matter that benefits from that kind of attention or when they just want to stop in and say hi.
Patch: What’s the most satisfying part of your job?
Dan Stannard: I have always tried to keep my eye on the end goal of our customers and encouraged members of teams that I have managed to do the same.
When a young individual or a young couple comes in for the first time to understand how to apply for a residential mortgage, I think about how happy they will be when they move into their new home. I think the same way with entrepreneurs when they are discussing starting or buying their first business.
It’s also wonderful to see customers move through the stages of their financial lives, buying a home, educating children, selling a business and/or retiring. It is satisfying to know that we have helped them to accomplish their goals.
Patch: How would you say your business or organization distinguishes itself from the others?
Dan Stannard: The combination of traditional face-to-face community banking and modern technology. This combination allows us to accommodate the banking needs of our clients in their busy lives, locally and beyond while at the same time providing the confidence that they have a relationship with real people who are readily available to support them when a situation benefits from a face-to-face visit. My office continues to be located in our lobby. Customers frequently stop in to say hi and are comfortable discussing any of their banking needs with me.
Patch: How can Patch readers learn more about your work and business?
Dan Stannard: We have a great website, www.salemcoop.com, that allows you to learn about our products and services, check rates, make loan payments, open accounts or apply for home loans online if that’s your preference.
We also post on social media sites such as Facebook and Instagram as well as on LinkedIn, where employees share individual stories on their pages. On our social media pages, you will find helpful information about banking, fraud, and activities that we are involved in throughout our communities.
We also welcome face-to-face visits. Please stop by one of our Branches anytime to learn more about the Bank or to meet any of us. Thank you.
