Vice President, Commercial Lending
4 weeks ago
The Vice President, Commercial Lending is responsible for overseeing and managing all aspects of commercial lending activities at the credit union. This includes developing, underwriting, managing larger, more complex lending relationships, and the administration of all legal aspects of commercial credits. The Vice President, Commercial Lending ensures the overall quality of the commercial lending portfolio while accomplishing strategic goals. This role is accountable for department compliance with all credit union policies and procedures, as well as all applicable state and federal regulations.
This position is hybrid and works on-site 3 days per week in Clinton, Massachusetts. Leominster Credit Union's headquarters is in Leominster, Massachusetts with branches in Leominster, Clinton, Holden, Sterling, and Worcester.
Primary Responsibilities:
Performs functions, within scope of authority and expertise, to provide the highest level of service and responsiveness to members served by the Credit Union.
1. Manages the daily operations of the commercial lending department.
2. Creates and supports an engaging work environment by providing ongoing coaching and development to direct reports. Conducts regular one-on-ones and team meetings. Shares information from management meetings with staff when appropriate to facilitate communication throughout the organization. Conducts performance evaluations and makes hiring and promotional recommendations.
3. Develops and implements the commercial lending strategy, annual goals, and budget in conjunction with SVP Lending, in alignment with the credit union’s overall financial goals and risk tolerance.
4. Engages with existing and prospective commercial loan members. Collects, reviews and analyzes required documentation for the approval process.
5. Meets with members to discuss loan alternatives, credit criteria, interest rates and loan documentation in a manner as to increase or retain business and makes referrals to other departments when appropriate.
6. Negotiates and communicates credit terms, such as rates, cost, loan structure and collateral specifications.
7. Oversees that loan packages have appropriate supporting documentation, such as signatures, disclosures, credit authority, and all other pertinent documentation as required for every loan.
8. Manages the collection of past due payments and workout of delinquent commercial loans. Identifies problems or potential problems with credit information and coordinates with the necessary party to resolve the problems. Assesses the risks and brings them to management’s attention with recommendations for risk rating adjustments and action plans.
9. Establishes and manages MBL/Commercial Loan policy and procedures and keeps them current with regulatory, internal or market condition changes.
10. In coordination with the Loan Analyst, assists in evaluating loan requests and ensures write ups are prepared accurately for consideration by the Business Loan Committee.
11. Serves as the department’s contact during regulatory exams and internal/external audits, providing responses to findings and recommendations.
12. Ensures the timeliness of proper analysis for annual and performance reviews for the MBL/Commercial loan portfolio. Works with staff to ensure property inspections are completed, as needed.
13. Responsible for proper analysis and follow-up on all matured loans.
14. Maintains liaison with Retail/Branch Managers to monitor and coordinate status of prospective and existing commercial members.
15. Assumes responsibility for establishing and maintaining effective and professional business relations with members and trade professionals.
16. Engages in business development activities to attract new and existing members for commercial loans and all LCU products and services.
17. Models the credit union’s values of diversity, equity, and inclusion. Fosters an inclusive work environment by seeking team members’ perspectives, actively listening to others' opinions and experiences, and modeling and encouraging respectful communication among the team.
18. Adheres to all LCU policies and procedures. Responsible for compliance with the following regulations: BSA, OFAC, and all other regulations as required.
Secondary Responsibilities:
12. Prepares commercial lending reports for management and the Board of Directors, as needed.
Supervisory Responsibility:
The AVP Commercial Lending and Commercial Analyst report directly to this position.
Requirements:Bachelor’s degree or its equivalent. Formal Commercial Credit training or demonstrated advanced knowledge of financial analysis, commercial loan underwriting and loan structuring. Seven or more years’ experience in commercial lending and a proven track record in business development. Excellent interpersonal, communication and organizational skills. Excellent analytical skills and ability to tackle a problem by using a logical, systematic and sequential approach is required. Working knowledge of Microsoft Office such as Word and Excel. Must be flexible and open to change. Must have the ability to travel to branches and off-site locations as required.
Employees are expected to exhibit LCU’s core values, You’re Somebody, Own It, Work Together, Be Caring, in all interactions with internal and external members to achieve the credit union’s goals and support a culture of inclusion.
Leominster Credit Union is an Equal Opportunity Employer: Minority/Female/Disability/Veteran.
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