Special Assets Manager, Specialty

2 weeks ago

Wilmington, North Carolina, United States Live Oak Bank Full time
About Live Oak Bank

Live Oak Bank is a pioneering digital financial institution dedicated to supporting small business proprietors nationwide. Our innovative approach to service and technology drives our mission to be the premier bank for small businesses in America. We offer a range of products designed to assist customers in acquiring, building, and expanding their enterprises, while our high-yield savings and certificate of deposit offerings help them enhance their financial growth. At Live Oak, we prioritize the well-being of our employees, recognizing that they are the foundation of our success. Our dedication to our clients and our culture is deeply interconnected, and we seek individuals who embody the spirit of empowering the American dream.

Role Overview

The Special Assets Manager, Specialty (SAM) operates within the Credit Division under the guidance of the Special Assets Director. The ideal candidate will oversee a portfolio of high-risk loans within Live Oak's specialty sector, developing and executing strategies for these financial products. This role also entails proactively collaborating with servicing teams to evaluate risk factors for distressed assets and determining the necessity of a workout strategy. The SAM will engage with clients to reach favorable resolutions that mitigate risk and optimize recovery for the bank.

Key Responsibilities
  • Build and maintain a strong rapport with assigned clients to effectively monitor shifts in their business and personal engagement levels.
  • Guide at-risk clients through the process of transitioning out of their business when necessary, fostering an environment of cooperation and open dialogue.
  • Implement workout strategies for significant bank exposures exceeding $10 million for specialty credits with management oversight.
  • Analyze and oversee the financial status of current clients, keeping Special Assets management updated.
  • Prepare a formal Watch/Criticized Report quarterly for presentation to Bank Management and the Board.
  • Accurately assess collateral and conduct quarterly classified impairment evaluations.
  • Collaborate with internal stakeholders, including Credit, Legal, Loan Servicing, and Lending teams, to ensure effective management of the troubled loan portfolio.
  • Engage in bankruptcy and restructuring strategies with oversight of execution.
  • Ensure that the servicing and liquidation of problematic loan clients comply with Bank, participant, and government program policies and procedures.
  • Develop strategies to minimize losses to the Bank, which may include short-term loan modifications and long-term restructuring.
  • Present proposed changes to loan terms to Credit Administration for approval.
  • Lead the review process of documentation on serious problem credits to ensure enforceability and compliance with all bank policies.
  • Act as the primary contact for legal actions taken against loan clients, coordinating with inside and/or outside counsel.
  • Recommend adjustments to loan risk ratings as necessary to Credit Administration.
  • Timely identify and recommend loan/lease losses to the Special Assets Director.
  • Proactively engage with servicing teams to assess risk potential for troubled assets and determine if a workout strategy is warranted.
Qualifications
  • Excellent customer service and interpersonal skills, with the ability to manage challenging conversations effectively.
  • Strong judgment and attention to detail, along with robust financial analysis capabilities.
  • Proficient in PC applications.
  • In-depth understanding of bank lending policies, procedures, and criteria.
  • Willingness to travel extensively.
  • Experience in bankruptcy negotiations and reorganizations.
  • Valid driver's license required.
  • Responsible for adhering to regulatory requirements, including those related to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC.
  • Collaborative team player, recognizing the importance of each member's contribution to success.
  • Ensure that problem loan files are up-to-date with call memos and correspondence with clients.
  • Perform additional duties as required.
Preferred Experience
  • Bachelor's degree in Finance or Business.
  • 3-5 years of experience in lending or workout roles preferred.
  • Formal bank credit training is advantageous.
  • Strong communication and organizational skills.
  • Proven success in resolving complex commercial loan credit issues and maximizing recovery.
  • Ability to work effectively in a team environment.
Core Values at Live Oak
  • Embrace Growth - Demonstrates adaptability and support for changes that enhance organizational effectiveness.
  • Communicate and Collaborate - Communicates clearly and thoughtfully, showing empathy in teamwork.
  • Take Responsibility - Achieves positive results by owning actions and team outcomes.
  • Understand Your Business - Maintains a deep knowledge and skill set to perform effectively in the role.
  • Customer-Centric Approach - Delivers personalized experiences to customers for exceptional outcomes.

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