Loan Workout Officer

Provident Bank • Oak Ridge, NJ

20h

About The Position

Develops and implements a plan of action to protect and improve the Bank’s position in problem commercial loan and commercial real estate credits through active strategies, including negotiating satisfactory repayment schedules, obtaining additional collateral, pursuing acquisition strategies including working through bankruptcy, liquidating assets and/or restructuring facilities as appropriate.

Requirements

• Bachelor’s degree, preferably in Business, with a concentration in Accounting or Finance.
• At least ten years loan workout experience in banking, real estate or other financial institution.
• Extensive knowledge of bankruptcy, real estate and state collection laws.
• Working knowledge of process of managing and selling real estate.
• Working knowledge of banking regulations, credit approvals, loan documentation, collateral valuation and banking policy.
• Excellent negotiation skills.
• Ability to prepare reports and business correspondence. Ability to present information effectively and to respond to questions from managers, vendors and employees.
• Possess excellent oral and written communication skills.
• Has considerable knowledge and ability to practically apply modern office practices and procedures related to accounting, including spreadsheet programs for personal computers (Microsoft Office).
• Ability to prioritize multiple projects and complete them on time.
• Ability to conduct meetings, effectively present information and respond to questions from peers, auditors, governmental agencies, borrowers and various levels of senior management and the Board.
• Must be able to shift attention quickly and accurately from one matter to another.

Responsibilities

• Restructures/resolves problems in Business Banking, Middle Market and Commercial Real Estate loans of moderate size and complexity.
• Maintains portfolio of troubled accounts, actively managing accounts towards resolution, and includes preparation of periodic status reports.
• Interacts with lending officers, borrowers and attorneys to enhance collections, negotiate repayment terms, and better secure collateral, equity, or other assets of the borrower.
• Formulates and implements litigation strategies with outside counsel.
• Inspects critical properties recommended for litigation to ascertain if there is sufficient value in the properties to warrant legal action. Sets bid prices prior to foreclosure sale. Participates in setting sale price and negotiates the sale of bank owned assets.
• Is responsible for periodic credit write-up on accounts for management review.
• Oversees acquisition and disposal of OREO real estate for the Bank and its subsidiary.
• May review internal real estate evaluations prepared by the commercial real estate underwriters.

Benefits

• Team members accrue paid time-off (PTO), receive Holiday (PTO) and are eligible to participate in the bank’s Health and Wellness benefits including Medical, Dental and Vision Plans, Flexible and Health Savings Accounts, and a 401(k) Retirement Plan.
• In addition, the company provides Disability Insurance, an Employee Assistance Program, and Basic Life Insurance.
• Company sponsored Tuition Disbursement and Loan Repayment programs are also available.
• Voluntary benefits include Supplemental Life Insurance, Accident, Critical Illness, Hospital Indemnity and Legal plans.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level