Special assets workout officer

Job Description

This position is responsible for managing the high risk/criticized, distressed or impaired loan portfolio and overseeing the activities and management of the Bank’s Collections Department, real estate owned liquidation and recovery management functions. This position focuses primarily on the workout, rehabilitation, collection, and recovery of major problem loans and more complex relationships that are under stress and manages them through a workout process, bankruptcy, litigation, foreclosure and or liquidation of collateral while mitigating the risk exposure to the Bank.

Position Accountabilities

Maximize the recovery of principal, interest, fees, and expenses of all Classified Loans and OREO Assets

Conduct periodic account reviews and financial analysis on borrowing relationships, borrower’s ability to repay, evaluate the collateral and assets of the borrowers, and develop action plans accordingly.

Work effectively with legal counsel in the timely resolution of problem credits and mitigation of legal risk to the bank.

Evaluate collateral, review appraisals, and ensure that loan documentation meets with and complies with Bank policy requirements and that transactions are correctly booked.

Effectively interact with borrowers in the negotiation and design of appropriate workout strategies.

Make site visits and field calls to meet with borrowers and inspect the collateral.

Oversee, review, and manage the workout recommendations, action plans, and performance of Special Asset officers and Commercial Collectors assigned to the Group.

Assist in the management of the Watch List and its reporting; ensure the appropriate risk ratings of credits assigned to the Group and the appropriateness of relationship strategies for all Watch List credits.

Provide assistance and leadership to relationship managers in the management and resolution of problem credits that may be managed outside of the Special Assets Group.

Participate in Consumer Delinquency meetings, Commercial Delinquency meetings, Watch List Committee meetings, and other forums to keep bank management informed about the status of the troubled loan portfolio and anticipated losses or potential exposures.

Effectively lead the Special Assets/Collections staff to achieve their maximum potential.

Effectively manage all aspects of the Special Assets Department (to include Collections), OREO administration, and recovery functions

Establish Special Assets Department performance expectations, goals, and track performance.

Serve as primary Special Assets contact for regulatory examinations, audits and other third party reviews.

Ensure the timely and accurate production of Special Asset reports, Problem Loan Reports, and other departmental reporting as necessary for the effective management of the Group, and for reporting to senior management, the Board, auditors, and regulators.

Ensure proper identification, accounting, booking, and management of troubled debt restructures, A/B Note splits, impairments, and accrual or nonaccrual status of problem loans.

Work to ensure the proper carrying value of the Bank’s troubled loans and OREO.

Adhere to departmental service quality and operational standards.

Perform other such duties as assigned.

Maintain compliance with and adhere to all state and federal regulations and bank policies and procedures, including, but not limited to Bank Secrecy Act, FACT ACT, Community Reinvestment Act, and EEO/AA/Fair Employment Practices.

Organizational Relationship

This position reports to the Chief Credit Officer.

Position Qualifications

Education & Experience

Bachelor’s Degree in business, accounting, finance, economics or a related field

Minimum of ten years of directly related experience in problem loan management, credit workout, collection management or other related areas

Minimum of five years additional experience in commercial lending, credit analysis, underwriting, credit administration or portfolio management strongly preferred

Knowledge & Skills

Should be highly motivated self-starter with the strong negotiation skillset

Strong working knowledge of loan structuring of commercial and residential real estate, A/R, inventory, equipment, borrowing base, capital financing, and other commercial transactions

Strong working knowledge of bankruptcy and business law and the ability to work through complex commercial transactions

Ability to manage multiple tasks and prioritize effectively and in a cost-efficient manner

Excellent analytical skills and high attention to detail

Ability to effectively manage and mentor staff, set goals, and manage departmental budget

Ability to travel within the bank’s lending footprint required

Excellent written and oral communication skills with the ability to formulate and articulate objective views based on professional analysis

Excellent computer skills relevant to Microsoft Office Suites (i.e. Word, Excel, Outlook) and related departmental and analytical software