Special Assets Officer II

3 weeks ago

Tampa, United States Seacoast Bank Full time
Job DescriptionJob Description

JOB SUMMARY:

The Special Assets Officer (SAO) is responsible for the management of troubled borrower relationships and/or adversely graded loans within the Bank's loan portfolio of diverse size and complexity in compliance with all applicable state and federal laws, rules and regulations and Bank lending policies and procedures.

Management of SAO’s portfolio involves regular direct interactions and negotiation with borrowers, legal counsel, as well as working closely with Bank loan officers and other team members to ensure the Bank’s interests are properly preserved. This includes, but is not limited to, taking appropriate measures to mitigate the risk of loan loss, preserving collateral and/or lien rights, and confirming documentation of loan restructure. The SAO is also responsible for recommending, documenting, implementing, and reporting on loan collection and litigation plans approved by the Bank’s senior management.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

  • Directly serve as loan or asset manager for assigned relationships to improve loan performance or status
  • Implement strategies for legal action through Bank Counsel after consultation with SAD Director, loan committee, and/or the Chief Credit Officer (CCO)..
  • Develop, recommend, and execute work out strategies for a variety of commercial loan types (i.e., C&I, investment CRE, construction loans, owner occupied CRE) as assigned and meet or call upon with customers for collection and, when necessary, to negotiate work out terms.
  • Monitor and report to Management the status of the assigned loans. Such reporting includes but is not limited to Problem Loan Action Reports (PLARs), past due loan reports, risk rating recommendations, and assessing loan loss potential.
  • Oversee and guide pre-default loan work out strategies with other lenders for loans that may indicate deteriorating loan credit quality but have not yet triggered a default of payment or covenant.
  • Manage loan work out negotiations with bank counsel and borrowers and to make necessary judgments to protect the bank's interest and achieve maximum recovery.
  • Prepare and present request for approvals for loan modifications, restructures, forbearance agreements and/or settlement agreements to Management.
  • Understand and abide by applicable Statutes, regulations, and applicable interagency guidelines (i.e., OCC, FDIC)
  • Monitor collateral conditions through inspections as needed
  • Oversees relationship with third-party collections vendors, as needed.
  • Review and assess potential impact of borrower bankruptcy filings; ensures protection of bank's position as a creditor.
  • Adhere to Seacoast Bank’s Code of Conduct.

EDUCATION and/or EXPERIENCE:

  • Familiar with loan documentation, closing documentation, title reports, appraisals and supporting underwriting criteria.
  • Five or more years of related collections / work out experience, such as experience in managing and disposing of business, income property, residential, and consumer repossessed assets of all types.
  • Working knowledge of all consumer, commercial, and commercial real estate lending compliance/regulatory requirements
  • Excellent interpersonal and communication skills
  • Good organizational skills, with the ability to multi-task efficiently
  • Excellent attention to detail
  • Proven ability to problem solve and handle a wide range of decision making
  • Excellent analytical and organizational skills and be able to work independently and as a team with little supervision.
  • Ability to work with little direct supervision while working within the confines of applicable Bank policy and Management approved portfolio management strategies
  • Ability to write clear and effective memos

Bachelor’s degree in related field, preferably Accounting or Finance, or the equivalent combination of experience and education

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