Special Assets Manager

About the Role

The Special Assets Manager oversees credits that present an unacceptable level of risk to the bank and provides strategic direction to ensure the best possible outcomes while minimizing loss. This role requires exceptional diplomacy and tact, particularly when dealing with borrowers in high-stress situations, as well as the ability to balance firm decision-making with constructive relationship management. The manager works closely with the Board of Directors, Executive Management, the Credit Department, and Internal Audit, while also engaging with external professionals such as attorneys and real estate appraisers.

A strong working knowledge of collateral perfection, collection laws, and foreclosure processes is essential to safeguard the bank’s interests while navigating complex credit challenges.

Responsibilities

• Act as a cultural ambassador to internal and external clients, providing a professional, exceptional, and supportive experience with each interaction.
• Develop and/or recommend strategies for improving the bank’s position with non-performing or at-risk credits, including analysis of cash flow, collateral value, loan documentation, reserve adequacy, and credit restructuring or collection.
• Maintain records of restructuring or collection activities and report to Executive Management and the Board as appropriate.
• Work closely with outside professionals to determine collateral value and optimal methods for asset disposition, requiring knowledge of local market conditions and collateral valuation methodologies.
• Collaborate with clients and professionals on converting assets into cash, leveraging expertise in collateral perfection, creditor’s rights, and effective collection practices.
• Analyze loan loss reserves, historical losses, and recommend specific reserves for credits managed by Special Assets.
• Coordinate with Accounting and Credit Administration to ensure prompt write-downs, charge-offs, and proper accounting for loans transitioning to ORE (Other Real Estate Owned).
• Facilitate the flow of information to Accounting and Credit Departments regarding revenue, expenses, and asset disposition.
• Chair the Special Assets Committee and facilitate agenda discussions.
• Maintain controls and reports on non-accruing loans and judgments obtained by the bank.
• Supervise the Special Assets Assistant by delegating tasks, providing guidance, and ensuring accurate documentation of loan workout activities.
• Deliver outstanding client service with a friendly attitude while functioning effectively with minimal guidance and meeting deadlines.

Qualifications

• 5 years of Special Assets experience, preferably in banking or financial services.
• Bachelor’s degree in finance, accounting, economics, or business administration, or equivalent combination of education and experience.
• 3 years of credit underwriting, credit analysis, loan servicing, and collections experience.
• Experience handling problem loans, bankruptcies, foreclosures, and repossessions.
• 2 years of supervisory experience.
• Eligible for NMLS if needed.
• Proficient in Microsoft Office suite.
• Superior oral and written communication skills, with strong listening abilities.
• Adaptability, flexibility, and comfort with evolving change.
• Enjoys working in a collaborative environment.

Benefits

• Health, dental, vision, life, and disability insurance coverages.
• Retirement Plan – 401k with matching.
• Employee Stock Ownership Plan (ESOP).
• Paid time away from work – vacation, sick time, and holidays.
• Paid parental leave.
• Tuition assistance.
• Professional development opportunities.