Sterling Federal Bank has announced that President and CEO Dean Ahlers will retire, and Bo Mays will take over the role next month.

Ahlers has served as president and CEO of Sterling Federal Bank since 2013. Previously, he served as the bank’s vice president of operations from 2007 to 2013.

Before joining Sterling Federal Bank, Ahlers had a successful career in the financial services industry for more than 17 years, earning several certifications of distinction including Certified Financial Planner, Chartered Financial Consultant, Chartered Life Underwriter and Certified Senior Advisor designations.

Ahlers graduated with honors from the Graduate School of Banking at the University of Wisconsin-Madison and earned his undergraduate degree in finance from Iowa State University.

In addition, Ahlers has been involved in many community service organizations, serving in various capacities. He served as chairperson and currently serves as vice chairperson of the board of directors for Sinnissippi Centers Inc., a nonprofit, community-based behavioral health care center that has provided quality care to residents in northwestern Illinois since 1966.

He also is past president of the board of directors for Home of Hope Cancer Wellness Center, a nonprofit that offers support, wellness, educational and referral services for people with cancer, their loved ones and survivors.

He coached youth football, soccer, baseball and basketball for over 10 years.

Other notable community service involvement includes developing the Sterling Federal Bank Employee Charity Challenge, which awards over $40,000 each year in monetary gifts to local nonprofit organizations; serving as past president of Twin Cities Sunrise Rotary; and serving as an ongoing mentor for the Whiteside Area Career Center CEO program, a local entrepreneurial educational program for high school juniors and seniors.

Ahlers is a current board member for the Federal Home Loan Bank of Chicago and will continue to serve as a board member for Sterling Federal Bank.

Mays will assume the role of president and CEO in January.

Mays joined Sterling Federal Bank in 2015 and has served as vice president and chief operating officer. He holds a bachelor’s degree in finance from Illinois State University and graduated with honors from the Graduate School of Banking at the University of Wisconsin–Madison, where he also earned a Certificate of Executive Leadership from the Wisconsin School of Business.

Mays brings a broad range of experience from both large and community banking environments. During his tenure at Sterling Federal Bank, he has played a key role in advancing the bank’s strategic planning, operational modernization and culture-building initiatives.

His leadership has been instrumental in guiding the bank through technology enhancements, process improvements, regulatory modernization efforts and the implementation of customer-focused service strategies.

In addition to his professional accomplishments, Mays is actively involved in the community. He currently serves on the board of directors for United Way of Whiteside County and participates in numerous local volunteer programs throughout the region.

“Sterling Federal Bank has a long tradition of service, strength and community partnership,” Mays said. “I am honored to have the opportunity to step into this role and continue supporting our customers, employees and communities for generations to come.”