Special Assets Officer

Come Grow with Us and Join an Award-Winning Organization! Stearns Bank is looking for a Special Assets Officer. This is a remote-eligible position headquartered out of St. Cloud, Minnesota.

JOB SUMMARY

The Special Assets Officer is responsible for problem commercial real estate credits, adversely rated commercial loans and credit agreements, and Other Real Estate Owned (“OREO”). Works with lending teams, portfolio managers, legal team, and other management to supervise loan portfolio to proactively identify and manage credit risks, identify, monitor, and handle problem credits, enforce loan and credit documents, identify and negotiate workout solutions to mitigate credit risks by securing paydowns and/or additional collateral and guarantors or exiting credit, pursuing full collection in collaboration with legal team, and recommend risk rating changes, changes in accrual status, charge downs and charge offs, and retention, workout and recovery strategies.

Starting annual salary of $125,000.00. Employment offers will be dependent upon the selected candidate’s relevant qualifications and experience.

RESPONSIBILITIES

• Supervising a designated loan portfolio, which is primarily comprised of delinquent, high-exposure commercial loans or assets.
• Pursuing bold collection of delinquent loans and, when necessary, collaborating with the internal legal department to pursue litigation, prejudgment enforcement action, self-help repossession, recovery in bankruptcy and other remedies.
• Interpreting and enforcing loan agreements and collateral documents, including deeds of trust or mortgages, assignment of rents, participation agreements, and similar loan agreements.
• Recommending and negotiating workouts with loan parties, including modification or forbearance agreements, and securing or negotiating additional collateral and/or other tertiary sources of repayment to effectively mitigate bank risks.
• Recommending efficiencies in credit approval requirements, loan terms, legal remedies in loan agreements, and management of loan portfolio to enhance credit quality and improve recoveries.
• Proactively identifying, presenting, and reporting problem loans to senior management and develops well-rounded analysis for adjustments to risk rating, accrual status and partial or complete charge offs.
• Creating and maintaining regular reports for bank senior management, including reports related to recovery and collection efforts; risk rating changes and rationale; and other similar reports.
• Communicating and coordinating with various bank departments, including tax, legal and audit departments, as needed, to improve recovery of non-performing and/or charged off loans.
• Leading the bank’s OREO assets and portfolio.
• Completing required training, including bank special asset and compliance or legal training, to maintain high-performance special assets strategic and tactical skills.
• Developing proficiency in bank’s problem loan management priorities and workout and recovery strategies.
• Loss prevention and security for this position.
• Perform related work as required.
• Complete training as the need arises.
• Maintain a solid understanding of all legal and regulatory compliance issues as they pertain to this position.

REQUIREMENTS

• Occasionally lift and/or move up to 10 lbs.
• Literacy in English.
• Ability to sit for extended periods of time, twist, bend, sit, walk use hands to twist, handle or feel objects, tools or controls, such as computer mouse, computer keyboard, calculator, stapler, telephone, staple puller, etc., reach with hands and arms, balance, stoop, kneel, talk or hear.
• Specific vision abilities required by the job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.

QUALIFICATIONS

• Minimum 10 years commercial banking or related experience, 5+ in special assets.
• Special assets portfolio management and workout and recovery work involving commercial loans secured by commercial real estate is required.
• Knowledge and experience with recommending changes in risk rating, accrual status, and charge downs and charge offs is preferred.
• Strong portfolio management skills and reporting capabilities.
• Excellent communication and interpersonal skills.
• Confidence and tenacity in taking care of problem borrowers.
• Strong digital literacy.
• Reliable attendance.
• Flexible.

THE COMPANY

Founded in 1912, Stearns Financial Services Inc. (SFSI) is a $2.4 billion well-capitalized, independent financial holding company based in St. Cloud, Minnesota. Specializing in nationwide small business lending and equipment financing, Stearns has maintained outstanding customer service, fast decisions, and customized finance solutions to their customers for decades.

Stearns Bank has earned itself a stellar reputation amongst customers and competitors alike. This reputation goes beyond just word-of-mouth, as Stearns has been recognized by the Independent Community Banker’s Association (ICBA) as a top-performing bank in the nation based on a 3-year average Return on Assets for banks $1 billion or more. Stearns has also been recognized by American Banker as a top-performing bank in the nation over a 3-year period for Return on Equity for banks from $2 billion to $10 billion.

As a Star Tribune Top Workplaces award recipient and an award recipient of the Minnesota Business Magazine 100 Best Places to Work in Minnesota, Stearns takes pride in their team and holds their employees in extremely high regard. We offer a competitive salary and benefit package including our Employee Stock Ownership Program-one of the best long-term incentive programs in the nation.

EQUAL OPPORTUNITY EMPLOYER /AFFIRMATIVE ACTION PLAN

We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, or creed, religion, sex, marital status, familial status, sexual orientation, national origin, age, disability, veteran’s status, status with regard to public assistance, or any other class protected by Federal, State, local laws governing nondiscrimination in employment.