Provident Bank
Loan Workout Officer
Provident Bank, Woodbridge, New Jersey, us, 07095
How would you like to join one of the most highly regarded financial institutions in New Jersey with deep roots in the community? Provident is a successful and highly regarded multi-billion-dollar bank that continues to grow with branches in New Jersey, Eastern Pennsylvania and New York. Our longevity is a testament to our commitment to placing our employees, customers, and the communities we serve at the center of all we do. At Provident Bank, we are committed to enhancing our customer and employees' experience.
POSITION SUMMARY:
Develops and implements a plan of action to protect and improve the Bank's position in problem commercial loan and commercial real estate credits through active strategies, including negotiating satisfactory repayment schedules, obtaining additional collateral, pursuing acquisition strategies including working through bankruptcy, liquidating assets and/or restructuring facilities as appropriate.
KEY RESPONSIBILITIES:
Restructures/resolves problems in Business Banking, Middle Market and Commercial Real Estate loans of moderate size and complexity.Maintains portfolio of troubled accounts, actively managing accounts towards resolution, and includes preparation of periodic status reports.Interacts with lending officers, borrowers and attorneys to enhance collections, negotiate repayment terms, and better secure collateral, equity, or other assets of the borrower.Formulates and implements litigation strategies with outside counsel.Inspects critical properties recommended for litigation to ascertain if there is sufficient value in the properties to warrant legal action. Sets bid prices prior to foreclosure sale. Participates in setting sale price and negotiates the sale of bank owned assets.Is responsible for periodic credit write-up on accounts for management review.Oversees acquisition and disposal of OREO real estate for the Bank and its subsidiary.May review internal real estate evaluations prepared by the commercial real estate underwriters.MINIMUM QUALIFICATIONS :
Bachelor's degree, preferably in Business, with a concentration in Accounting or Finance.At least ten years loan workout experience in banking, real estate or other financial institution.Extensive knowledge of bankruptcy, real estate and state collection laws.Working knowledge of process of managing and selling real estate.Working knowledge of banking regulations, credit approvals, loan documentation, collateral valuation and banking policy.Excellent negotiation skills.Ability to prepare reports and business correspondence. Ability to present information effectively and to respond to questions from managers, vendors and employees.Possess excellent oral and written communication skills.Has considerable knowledge and ability to practically apply modern office practices and procedures related to accounting, including spreadsheet programs for personal computers (Microsoft Office).Ability to prioritize multiple projects and complete them on time.Ability to conduct meetings, effectively present information and respond to questions frompeers, auditors, governmental agencies, borrowers and various levels of senior management and the Board.Must be able to shift attention quickly and accurately from one matter to another.WORKING CONDITIONS
Work is mainly performed in a normal office environment. Noise levels usually are moderate.
Prolonged sittingLifting from 5 to 10 lbs. (printer paper, storage boxes)Occasional bending or overhead lifting (storing files or boxes)The hazards are mainly those present in a normal office setting.
HAZARDS
The hazards are only those present in a normal office setting.
This job description may not be all-inclusive. Employees are expected to perform other duties as assigned and directed by management. Job descriptions and duties may be modified when deemed appropriate by management.
Provident Bank recognizes and supports the importance of creating a socially and culturally diverse employee base. We understand, value, and appreciate the unique perspectives that a diverse workforce can contribute to our organization. We put the employee and the customer at the center of strategy because culture is a critical differentiator for why people choose to work here.
We are an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to age 40 and over, color, disability, gender identity, genetic information, military or veteran status, national origin, race, religion, sex, sexual orientation or any other applicable status protected by state or local law.
About Provident Bank
For more than 180 years, Provident Bank has served individuals, families, and businesses in our local communities with personal and business banking services.
Volunteering is a Way of Life
Our brand promise - "Commitment you can count on" - supports the investments we make in the community and donations made by our employees. It's a promise also reflected in the volunteerism of our employees, who lend time and talent and countless hours to assist hundreds of organizations and thousands of people and animals each year.
Why do we love it?We get to volunteer in areas that are meaningful to the bank and impactful in the community.Through generous contributions, we have raised over $912,000 in 2022. No item or donation is too small; we find a home for it all.
POSITION SUMMARY:
Develops and implements a plan of action to protect and improve the Bank's position in problem commercial loan and commercial real estate credits through active strategies, including negotiating satisfactory repayment schedules, obtaining additional collateral, pursuing acquisition strategies including working through bankruptcy, liquidating assets and/or restructuring facilities as appropriate.
KEY RESPONSIBILITIES:
Restructures/resolves problems in Business Banking, Middle Market and Commercial Real Estate loans of moderate size and complexity.Maintains portfolio of troubled accounts, actively managing accounts towards resolution, and includes preparation of periodic status reports.Interacts with lending officers, borrowers and attorneys to enhance collections, negotiate repayment terms, and better secure collateral, equity, or other assets of the borrower.Formulates and implements litigation strategies with outside counsel.Inspects critical properties recommended for litigation to ascertain if there is sufficient value in the properties to warrant legal action. Sets bid prices prior to foreclosure sale. Participates in setting sale price and negotiates the sale of bank owned assets.Is responsible for periodic credit write-up on accounts for management review.Oversees acquisition and disposal of OREO real estate for the Bank and its subsidiary.May review internal real estate evaluations prepared by the commercial real estate underwriters.MINIMUM QUALIFICATIONS :
Bachelor's degree, preferably in Business, with a concentration in Accounting or Finance.At least ten years loan workout experience in banking, real estate or other financial institution.Extensive knowledge of bankruptcy, real estate and state collection laws.Working knowledge of process of managing and selling real estate.Working knowledge of banking regulations, credit approvals, loan documentation, collateral valuation and banking policy.Excellent negotiation skills.Ability to prepare reports and business correspondence. Ability to present information effectively and to respond to questions from managers, vendors and employees.Possess excellent oral and written communication skills.Has considerable knowledge and ability to practically apply modern office practices and procedures related to accounting, including spreadsheet programs for personal computers (Microsoft Office).Ability to prioritize multiple projects and complete them on time.Ability to conduct meetings, effectively present information and respond to questions frompeers, auditors, governmental agencies, borrowers and various levels of senior management and the Board.Must be able to shift attention quickly and accurately from one matter to another.WORKING CONDITIONS
Work is mainly performed in a normal office environment. Noise levels usually are moderate.
Prolonged sittingLifting from 5 to 10 lbs. (printer paper, storage boxes)Occasional bending or overhead lifting (storing files or boxes)The hazards are mainly those present in a normal office setting.
HAZARDS
The hazards are only those present in a normal office setting.
This job description may not be all-inclusive. Employees are expected to perform other duties as assigned and directed by management. Job descriptions and duties may be modified when deemed appropriate by management.
Provident Bank recognizes and supports the importance of creating a socially and culturally diverse employee base. We understand, value, and appreciate the unique perspectives that a diverse workforce can contribute to our organization. We put the employee and the customer at the center of strategy because culture is a critical differentiator for why people choose to work here.
We are an equal opportunity employer, and all qualified applicants will receive consideration for employment without regard to age 40 and over, color, disability, gender identity, genetic information, military or veteran status, national origin, race, religion, sex, sexual orientation or any other applicable status protected by state or local law.
About Provident Bank
For more than 180 years, Provident Bank has served individuals, families, and businesses in our local communities with personal and business banking services.
Volunteering is a Way of Life
Our brand promise - "Commitment you can count on" - supports the investments we make in the community and donations made by our employees. It's a promise also reflected in the volunteerism of our employees, who lend time and talent and countless hours to assist hundreds of organizations and thousands of people and animals each year.
Why do we love it?We get to volunteer in areas that are meaningful to the bank and impactful in the community.Through generous contributions, we have raised over $912,000 in 2022. No item or donation is too small; we find a home for it all.