Provident Bank · 22 hours ago
Loan Workout Officer
Oak Ridge, NJ
Full-time
Onsite
Senior Level, Lead/Staff
$99K/yr - $142K/yr
10+ years expProvident Bank is a highly regarded financial institution in New Jersey that is committed to enhancing the experience of its customers and employees. The Loan Workout Officer is responsible for developing and implementing strategies to manage and resolve troubled commercial loans and real estate credits, including negotiating repayment terms and overseeing asset liquidation.
Financial Services
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
Qualification
Required
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 from peers, 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
Benefits
Paid time-off (PTO)
Holiday (PTO)
Health and Wellness benefits including Medical, Dental and Vision Plans
Flexible and Health Savings Accounts
401(k) Retirement Plan
Disability Insurance
Employee Assistance Program
Basic Life Insurance
Tuition Disbursement and Loan Repayment programs
Supplemental Life Insurance
Accident
Critical Illness
Hospital Indemnity
Legal plans
Company
Provident Bank
Provident Bank is the wholly owned subsidiary of Provident Financial Services, Inc.
1001-5000 employees
Funding
Current Stage
Late StageLeadership Team
Maheshkumar Kandasamy
SVP, Enterprise Architecture Director
Scott Hurlbert
SVP, Digital Channels Director
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