Commercial Special Assets Officer

Busey Bank; Champaign (IL); On-site; USD 103,000 - 134,000; Full time

Benefits offered by this job

401(k) match

Profit sharing

Employee stock purchase plan

Paid time off

Medical, dental, vision

Job summary

Busey Bank is seeking a Special Assets Officer to manage a portfolio of complex commercial loans and develop recovery strategies. The role involves negotiating terms with borrowers and outside counsel, implementing plans to maximize recoveries and providing accurate reporting to the Special Assets Manager.

The candidate should have 5+ years in special assets, a strong background in credit and collateral valuation, and familiarity with banking regulations.

Qualifications

• Bachelor's degree required and formal credit training.
• 5+ years of direct special assets experience.
• NMLS registration mandatory for lending associates.

Responsibilities

• Develop collection strategies and action plans for complex loans.
• Prepare detailed analyses and recommendations of plans.
• Negotiate with borrowers, attorneys and companies to review and restructure terms.
• Implement recovery plans to minimize risk and loss.
• Provide timely reporting to Special Assets Manager.
• Interact with commercial customers in financial distress with tact.
• Minimize legal and non-legal expenses while maximizing recoveries.
• Ensure BSA compliance.

Skills

Negotiation

Credit analysis

Communication

Regulatory knowledge

Education

Bachelor's degree in Accounting or Finance

Formal credit training

Tools

Microsoft Office

Job description

Position Summary

The Special Assets Officer is responsible for managing and monitoring a portfolio of complex commercial loans. Responsibilities include developing collection strategies, action plans, negotiating, and implementing plans to maximize the bank’s recovery.

Duties & Responsibilities

• Develop collection strategies and action plans for problematic loans.
• Prepare detailed analysis and provide recommendations of the collection and action plans.
• Negotiate with borrowers, attorneys, and companies to review and re-structure credit and repayment terms.
• Implement recovery plans that minimize risk and loss to the bank.
• Provide timely and accurate reporting to Special Assets Manager.
• Interact with the spectrum of commercial bank customers experience financial distress; displaying tact and persuasiveness.
• Interact frequently with lawyers and other outside professionals, both those retained by the Bank and those representing our debtors, setting and pursing the Bank’s agenda.
• Seek to minimize out-of-pocket legal and non-legal expenses from debtors whenever possible; maximizes loan recoveries and fee income.
• Ensure BSA Compliance.

Education & Experience

Knowledge of:

• Strong oral and written communication skills
• Commercial, real estate, and consumer lending; particularly credit structure and loan policy
• Complex credits and strong knowledge of collateral valuation/liquidation
• Regulatory agencies, third party loan review, and internal/external auditors
• Legal/regulatory requirements pertaining to banking and collections
• Regulatory guidelines regarding appraisal/re-appraisal and all other regulatory policies affecting classified/criticized assets
• Strong negotiation skills

Ability to:

• Analyze credit and develop and negotiate repayment terms with companies and high net worth individuals
• Work independently and prioritize daily workflow
• Analyze and solve problems for which there are not precedents
• Maintain visual attention and mental concentration for extended periods of time
• Perform duties and make decisions under frequent time pressures

Education and Training

• Requires Bachelor’s degree in Accounting or Finance or equivalent experience.
• Requires formal credit training.
• Requires 5+ years of direct special assets experience.
• Pursuant to the Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”), all associates (if lending) are required to maintain current registration with the Nationwide Mortgage Licensing System & Registry (“NMLS”).
• If such registration is not active as of the hire date, the associate must immediately attain active registration upon employment.
• Personal Bankers who fail to maintain an active and current registration will be unable to lend and may be subject to disciplinary action, up to and including termination of employment.
• Requires knowledge of Microsoft Office.

Compensation and Benefits

Salary offered is based on factors, including but not limited to, the job duties, required qualifications and relevant experience, and local market trends. The role may be eligible for bonus or incentives based on company and individual performance. (Base Pay Range: $103,000 - $134,000/year) Busey provides a competitive Total Rewards package in return for your time, talents, efforts and ultimately, results.

Busey’s Total Rewards include a competitive benefits package offering 401(k) match, profit sharing, employee stock purchase plan, paid time off, medical, dental, vision, company-paid life insurance and long-term disability, supplemental voluntary life insurance, short-term and long-term disability, wellness incentives and an employee assistance program. In addition, eligible associates may take advantage of pre‑tax health savings accounts and flexible spending accounts. Visit Busey Total Rewards for more information.

Equal Opportunity

Busey values a diverse and inclusive workplace and strives to recruit, develop and retain individuals with exceptional talent. A team with diverse talent, working together, is essential to Busey’s commitment of delivering service excellence. Busey is an Equal Opportunity Employer including Disability/Vets. Visit Busey.com/Careers to learn more about Busey’s Equal Opportunity Employment.