Managed Assets Manager
Company: Middlesex Savings Bank
Location: Natick
Posted on: April 30, 2024
Job Description:
OverviewManager will have management responsibilities for the
Bank's Commercial problem loan portfolio and Other Real Estate
Owned (OREO) properties. The primary focus is to minimize financial
loss while preserving the Bank's reputation. Performs any
functions, within scope of authority and expertise, to provide the
highest level of service and responsiveness to customers and
co-workers.Responsibilities
- Manage the day-to-day operations of the Managed Assets
Department (MAD) and the Bank's OREO properties with the assistance
of Department personnel. Will manage a selected portfolio of
classified commercial and/or real estate customers, as needed.
Makes recommendations to senior management and resolves troubled
exposure through restructuring /rehabilitation, refinancing,
liquidation or sale of the collateral.
- Assist the Senior Credit Officer with consultation (workout
liaison) for line-administered problem assets. Assists in the
development and approval of pro-active, workout or turnaround
action plans. Recommends the transfer to Managed Assets Department
as appropriate per MSB credit policy. Follows up with the line on
significantly past due accounts.
- Ensures that MAD maintains credit and legal files (including
OREO files) in accordance with the Bank's policies and/or federal,
state and banking regulatory agency guidelines. Ensures that each
assigned exposure is properly risk rated and evaluated based on the
underlying cash flow, paying capacity or pledged collateral of the
borrower(s)/guarantors.
- Ensures that customer communication is concise, documented as
appropriate and treatment reflects the Bank's objectives in the
handling of the troubled customer.
- Manages overall MAD activities for outside service providers
who assist in the collection and/or customer rehabilitation
efforts. Outside service providers including appraisers, attorneys,
auctioneers, brokers, local authorities, turnaround consultants and
other service providers. Ensures cost effective services from Bank
approved third parties providers.
- Responsible for the effective takeover, transfer and management
of all Bank collateral that may become owned by the Bank (OREO
Assets). Works with internal and external professionals, in taking
possession, foreclosing and properly transferring ownership to the
Bank. Insures proper documentation and adherence to all laws and
regulatory pronouncements. Ensures the OREO assets are properly
accounted for and valued on the books of the Bank or holding Bank
subsidiary.
- Train and assist officers and administrative staff within the
unit. Acts as alternative officer for certain credits within the
team.
- Performs Annual Performance Reviews for the MAD employees.
- Assist the Senior Credit Officer on upgrading banking
practices/procedures and credit policies, in an effort to minimize
future risk of loss. Ensures full compliance with the Bank's
Information Security Policies and Procedures.
- Represents the Bank through visible participation in various
community and industry related activities. Actively promotes
interest in the Bank wherever and whenever possible. Refers sales
opportunities to other departments or bank affiliates in support of
established objectives.
- Performs related and unrelated duties as may be
required.Requirements
- Bachelor's degree or its equivalent plus at least ten years of
overall banking/business experience, two plus years of workout or
distressed debt experience and demonstrated successful management
experience. Sound understanding of consumer, commercial and real
estate lending and loan workout, bankruptcy and insolvency
processes and statutes.
- Must have a basic understanding of the rules and regulations
governing commercial debt collection practices.
- Demonstrated business strategy, analytical, decision-making and
problem solving skills.
- Manager must have strong interpersonal, influencing and
communication skills.
- Must possess at least intermediate technology skills including
knowledge of word processing database and spreadsheet
applications.
- Must have a valid driver's license. Middlesex Savings Bank is
an EO/AA Employer: Min/Fem/Vet/Disabled Search Firm
Representatives, Please Read Carefully: Middlesex Savings Bank does
not accept unsolicited resumes from search firms for this or any
employment opportunity.
Keywords: Middlesex Savings Bank, Lynn , Managed Assets Manager, Executive , Natick, Massachusetts
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