What are the responsibilities and job description for the Special Assets Officer position at Community First Bank of Indiana?
At Community First Bank of Indiana (CFB) we set our intentions to serve and give our best to others each day. Our mission? We partner with you to build a better future. Ready to get started?
As part of our team, you’ll be empowered through the bank’s investment in employee education to continuously grow as a professional. We invite you to join our team of trusted, local bankers that leave our communities saying, “We’ve never been treated like that by a bank.” CFB is proud to have been named a Best Place to Work in Indiana for 8 consecutive years by the Indiana Chamber of Commerce. And, we’re always looking for the best and brightest to join our team!
Benefits:
- Health, Dental, Vision Insurance
- Bank Paid Life Insurance
- Paid Short-Term & Long-Term Disability
- Generous Matching 401(k) Retirement Plan
- 4 weeks of Paid Time Off (immediate accrual)
- Purchased Paid Time Off
- Access to Earned Wages
- Wellness Program
- Competitive Salary
- Tuition Reimbursement
- Paid Holidays and 3 Float days
- Maternity/Paternity paid leave
- Annual bonus eligibility
- Community Service Projects
Position: Special Assets Officer
Objective: Responsible for providing support to the commercial loan function and other departments with respect to problem credits. Works with others in the bank to review and restructure credit and repayment terms, to better secure collateral, attain equity position, or otherwise establish recourse to other borrower assets against the possibility of a charge off.
Classification: This position is a Full-Time Exempt position who reports directly to the Chief Credit and Banking Officer.
Location: Howard, Hamilton, or Marion County
DUTIES AND RESPONSIBILITIES:
- In collaboration with management, establish policy and procedure for working with other parties to restructure loans and preclude charge off.
- Review and analyze troubled portfolios to identify potential recovery strategies.
- Negotiate loan terms with borrowers to facilitate loan restructuring and workout plans.
- Prepare and present detailed reports on loan statuses and proposed recovery actions to senior management.
- Collaborate with legal teams to ensure compliance with all regulatory requirements during loan workouts.
- Develop and implement recovery plans that align with the organization's financial objectives.
- Monitor and track the progress of restructured loans to ensure adherence to new terms.
- Engage with external consultants and advisors to enhance recovery strategies.
- Conduct site visits and meetings with borrowers to assess their financial situations.
- Evaluate collateral and make recommendations on asset liquidation as necessary.
- Participate in training sessions to stay updated on financial regulations and industry best practices.
- Recommends policy improvements to reduce risk.
- Aids in the management of processes, procedures and reporting for nonperforming loans, including foreclosure alternatives, negotiation and settlement modifications, repurchase and penalty operations, calculation and recovery of permitted advances, valuation of properties, ORE sales and monitoring of services and internal data reporting under FDIC Loss Share Agreements.
- Collects delinquent accounts, documents action to include preparation and compilation of actions taken; prepares past dues and correspondence records/reports.
- Manages and provides support to Collections Manager and their involvement in restructuring loans, loan records, and files for lending group.
- Coordinate foreclosures and repossession activities.
- Maintain detailed records and documentation to support the loan workout process.
- Reviews all loan documentation on problem Home Equity Lines, Commercial Loans, Installment Loans or Mortgage Real Estate Loans such as appraisals, title searches, deeds of trust, demand notes etc. Ensures all delinquent property taxes and insurance are paid.
QUALIFICATIONS:
- Bachelor’s degree in accounting, Finance, Business Administration, or related field preferred.
- 5 years of experience in commercial collections or related role within the banking industry, preferred.
- Supervisory or management experience is preferred.
SKILLS AND ABILITIES:
- In-depth knowledge of banking regulations, including FDIC and state-specific requirements.
- Strong knowledge of loan underwriting, credit analysis, and risk management practices.
- Exceptional analytical, problem-solving, and decision-making skills.
- Ability to communicate complex findings effectively, both verbally and in writing, to various stakeholders.
CFB provides equal employment opportunity to qualified persons regardless of race, color, sex, religion, national origin, age, sexual orientation, gender identity, disability, veteran status, or other categories protected by law.
