Special Assets Officer, Specialty

1 week ago

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

Live Oak Bank is a digital banking institution that serves small business owners across the United States. Our innovative approach to service and technology has fueled our mission to be America's Small Business Bank. Our products help customers acquire, build, and expand their businesses, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we prioritize the well-being of our employees, recognizing them as the heart of our company. Our commitment to our customers and culture is intertwined, and we seek individuals who embody and embrace what it takes to empower the American dream.

Job Summary

The Special Assets Officer, Specialty, works within the Credit Organization under the direction of the Special Assets Manager. The successful candidate will manage a loan portfolio of high-risk assets within Live Oak's specialty portfolio to develop and implement strategies for these loans. The position also involves proactively engaging in conversations with regular servicing teams to assess risk potential for troubled assets and determine if a workout strategy is required.

Key Responsibilities
  • Establish a high level of trust with assigned customers to continually be effective in monitoring changes in the borrower's business and personal level of engagement in the managing operations.
  • Responsible for guiding at-risk borrowers through the process of transitioning out of their business, when appropriate, for creating an environment of cooperation and for encouraging open communication.
  • Implement workout strategies of large bank exposures in excess of $10MM for specialty credits with management oversight.
  • Oversees and/or analyzes current customers' financial status and keeps Special Assets management informed of same.
  • Quarterly, a formal Watch/Criticized Report is prepared for presentation to Bank Management and Board.
  • Accurately identify collateral and complete quarterly classified impairment assessment.
  • Liaise with internal stakeholders, including Credit, Legal Counsel, Loan Servicing, and Lending teams to ensure effective management and oversight of troubled loan portfolio.
  • Engage in bankruptcy and restructure strategies with oversight of execution.
  • Ensure that the servicing and liquidation of problem loan customers is in accordance with Bank, participant, and government program policies and procedures. Engage with loan participant and obtain necessary approval to remain compliant with agreements to prevent a loan participation default.
  • Experience with development of strategies that minimize loss to the Bank which may include short term loan modifications and long-term loan restructuring.
  • Present any proposed changes to loan terms to Credit Administration for approval.
  • Lead the process of document review on serious problem credits to insure enforceability of documents and compliance with all bank policies and procedures.
  • Quarterback legal actions taken against loan customers by acting as the Bank's primary contact to inside and/or outside counsel.
  • Recommend changes to loan risk ratings as necessary to Credit Administration.
  • Identify and recommend loan/lease losses timely to Special Assets Manager.
  • Proactively engages in conversations with regular servicing teams to assess risk potential troubled assets and determine if workout strategy is required.
Requirements
  • Minimum Bachelor's degree in Finance or Business.
  • 3-5 years of lending/workout experience is preferred.
  • Formal Bank credit training is preferred.
  • Strong communication skills.
  • Strong organizational skills.
  • Proven track record of successfully resolving complex commercial loan credit issues and maximizing recovery.
  • Ability to work collaboratively within a team environment.
What We Offer

At Live Oak Bank, we offer a competitive salary, annual bonuses, and long-term incentives, subject to various metrics and company policy. We also provide a comprehensive benefits package, including paid sick leave, health insurance, and retirement plans. Our employees enjoy a dynamic and supportive work environment, with opportunities for growth and development. If you are a motivated and experienced professional looking for a challenging and rewarding career, we encourage you to apply.

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