What are the responsibilities and job description for the Senior Specialty Underwriter position at Peapack Private Bank & Trust?
Peapack Private Bank & Trust is a well-recognized, high-performing boutique bank and a leader in wealth, lending, and deposit solutions. We provide a broad range of sought-after products and services designed to help our clients establish, maintain, and grow their legacy through an innovative approach to private banking.
What makes Peapack Private different from our competition? As an institution with over 100 years of history, we have always believed in putting the well-being and needs of our employees and clients first. We are proud to be recognized by American Banker for the eighth consecutive year as one of the nation’s “Best Banks to Work For.” Our secret sauce, in a word, is our culture.
We value a diverse, equitable, inclusive, and safe workplace. Our one-team culture goes to great lengths to show all employees that they are valued members of the organization. We treat one another like family and communicate across the Bank in a transparent and frequent manner, respect and consider feedback from all levels, and operate with a philosophy grounded in hospitality and genuine human kindness.
There are multiple ways to build relationships and get involved; from joining one of our Cultural Ambassador sub-committees (focused on Wellness, Employee Fun, Diversity & Inclusion, or Environmental Awareness), to participating in community service activities through our Volunteerism outreach, to joining LIFT (Leading Inspiring Females Together), a committee focused on enriching the lives of women. Simply put, our culture is amazing.
Position Overview:
This position is responsible for independently evaluating, structuring and underwriting the most complex C&I and specialty lending transactions including highly leveraged, enterprise value reliant, structured finance and sponsor finance/private equity backed transactions. Candidate must be experienced in analyzing complex financial statements and projections and conducting due diligence and structuring loans including those to support leveraged buyouts, acquisitions and recapitalizations. The ideal candidate will have a strong understanding of commercial lending practices and the ability to make sound credit decisions. Act as a mentor to more junior team members.
Key Responsibilities:
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Credit Analysis: Independently evaluate complex financial statements, cash flow projections, and business plans to determine the creditworthiness and financial stability of the Borrower. For specialty transactions, the evaluation includes determining leveraged lending classification, sensitizing management projections including an underwriting case and downside case, incorporate structural nuances, with assumptions that assess the borrower’s capacity to repay in a reasonable timeframe.
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Loan Structuring: In collaboration with the deal team, develop and recommend appropriate structuring options (loan terms, conditions, and covenants) that align with the bank’s risk profile and the borrower’s repayment and business risk strategy.
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Risk Assessment: Identify, assess and mitigate risks associated with the transaction. Identify performance drivers, project future performance and anticipate ability to repay debt; apply industry knowledge and research across transactions. If applicable, identify and assess risks associated with lending to the private equity sponsor and their portfolio of companies.
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Loan Approvals: Independently write detailed credit approval documents; identify the need for supplemental analysis and discussion. Review the work of more junior staff. Ensure all underwriting activities comply with all internal policies, regulatory requirements, and industry standards.
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Loan Documentation: Lead the deal team in the documentation process and negotiate provisions of term sheets, commitment letters and credit agreements with Bank counsel and clients.
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Portfolio Management: Monitor and manage the performance of an existing portfolio of complex and high-risk loans/relationships, including underwriting and approving material and non-material amendments, annual and quarterly reviews, compliance with financial covenants and borrower risk rating and assessments. Proactively identify potential issues and collaborate with stakeholders to resolve them. Prepare, watch and criticize reports and present findings to Executive and Senior management at quarterly meetings.
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Interaction: Collaborate with internal stakeholders to determine appropriate structuring options in tandem with deal team. Interact directly with external clients to gather necessary information to provide sound structural, underwriting, and credit decisions. Highly collaborative working relationships with Executive management, Chief Credit Officer, Chief Underwriting Officer, Line of Business Heads; able to present and support or reject proposed structures with same at deal screen meetings and as part of the approval process.
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Other: Participate in internal initiatives and special projects; mentor more junior staff and act as a subject matter expert for complex and specialty transactions.
Qualifications:
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Bachelor’s degree in business, finance or accounting, or equivalent experience.
- A minimum of 5-10 years of commercial credit experience, including at least 5 with a focus on specialty lines such as those mentioned above.
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Strong analytical and modeling skills; thorough understanding of complex loan documentation criteria, financial institution services, products, policies and procedures and overall objectives of the commercial lending department.
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Keen attention to detail, excellent written and verbal communication skills, and ability to excel in an environment with changing/conflicting priorities.
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Formal credit training a plus; strong knowledge of excel and loan origination systems.
Benefits Overview:
We offer a competitive compensation package, a generous paid time off program, comprehensive medical, dental and vision coverage, maternity/paternity leave, a hybrid work environment (for most roles), education reimbursement, wellness programs and more. We also offer participation in an Employee Stock Purchase Program and a 401K with a generous match.
The approximate pay range for this position is $147,000 to $193.000, plus an opportunity to earn performance-based incentives. Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills and abilities, as well as geographic location.
Note: Incentives and/or benefits packages may vary depending on the position.