Loan Workout Officer

Provident Bank Of New Jersey - Woodbridge Township, NJ

Full-time - Senior

Woodbridge Township, NJ

About the position

The Loan Workout Officer at Provident Bank is responsible for developing and implementing strategies to manage and resolve problem commercial loans and real estate credits. This role involves negotiating repayment schedules, securing additional collateral, and pursuing acquisition strategies, including bankruptcy proceedings and asset liquidation. The officer will actively manage a portfolio of troubled accounts and collaborate with various stakeholders to enhance collections and ensure the bank's financial position is protected.

Responsibilities

• Restructures/resolves problems in Business Banking, Middle Market, and Commercial Real Estate loans of moderate size and complexity.
• Maintains a portfolio of troubled accounts, actively managing accounts towards resolution, including preparation of periodic status reports.
• Interacts with lending officers, borrowers, and attorneys to enhance collections, negotiate repayment terms, and secure collateral or other assets of the borrower.
• Formulates and implements litigation strategies with outside counsel.
• Inspects critical properties recommended for litigation to ascertain sufficient value for legal action.
• Sets bid prices prior to foreclosure sale and participates in negotiating the sale of bank-owned assets.
• Responsible for periodic credit write-ups 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 commercial real estate underwriters.

Requirements

• Bachelor's degree, preferably in Business with a concentration in Accounting or Finance.
• At least ten years of loan workout experience in banking, real estate, or other financial institutions.
• Extensive knowledge of bankruptcy, real estate, and state collection laws.
• Working knowledge of managing and selling real estate.
• Knowledge of banking regulations, credit approvals, loan documentation, collateral valuation, and banking policy.
• Excellent negotiation skills and ability to prepare reports and business correspondence.
• Strong oral and written communication skills.
• Ability to prioritize multiple projects and complete them on time.

Nice-to-haves

• Experience with commercial real estate evaluations.
• Familiarity with modern office practices and procedures related to accounting.

Benefits

• Competitive salary range of $140K - $177K per year.
• Opportunities for professional development and career growth.