Special Assets Officer

Job Summary

The Special Assets Officer is responsible for managing the bank’s portfolio of criticized and classified loans, non-performing assets, and other real estate owned (OREO). This role works closely with lending, credit, legal, and senior management to minimize credit losses, maximize recoveries, and ensure regulatory compliance in the resolution of problem assets.

Responsibilities

• Manage a portfolio of distressed commercial, commercial real estate, and consumer loans through workout, restructure, modification, or liquidation strategies.
• Develop and execute individual asset resolution plans, including loan modifications, forbearance agreements, deeds-in-lieu, short sales, and foreclosure proceedings.
• Conduct or coordinate property inspections, appraisal reviews, environmental assessments, and title work related to collateral evaluation.
• Prepare and present credit approval memoranda, criticized asset reports, and status updates to senior management and the board.
• Manage OREO assets from acquisition through disposition, including property management, marketing, and sale.
• Maintain ongoing communication with borrowers, guarantors, legal counsel, receivers, brokers, and other third parties.
• Monitor and ensure timely compliance with regulatory requirements, including accrual status, charge-off, and reserve adequacy.
• Partner with lenders to identify emerging problem credits early and provide workout strategy guidance.
• Support internal and external loan review, audit, and regulatory examination processes.
• Develop, maintain, and monitor watch lists and action plans for criticized and classified credits, ensuring timely updates, accurate risk ratings, resolution strategies, milestones, and progress toward resolution.
• Monitor and manage past due loans, coordinating with relationship managers to address delinquencies, implement collection strategies, and escalate credits as appropriate.
• Maintain accurate documentation and tracking for all assigned assets.
• Other duties as assigned

Qualifications

• Bachelor’s degree in Finance, Accounting, Business, or a related field; equivalent experience considered.
• 5 years of experience in loan workout/special assets at a financial institution.
• Strong credit analysis skills with ability to interpret financial statements, tax returns, and collateral valuations.
• Familiarity with loan documentation, UCC filings, title insurance, and real estate collateral concepts.
• Knowledge of foreclosure, bankruptcy, and receivership processes; experience with OREO management and disposition preferred.
• Experience with commercial real estate workouts, including retail, office, industrial, and multifamily assets.
• Familiarity with OCC/FDIC/state banking regulatory guidance on problem asset management.
• Proficiency with core banking systems and loan management software.
• Strong written and verbal communication skills; ability to present complex situations clearly to senior leadership.
• Ability to work independently, manage competing priorities, and exercise sound judgment under pressure.
• Completion of a formal credit training program a plus.

Physical Requirements

• Extensive reading and computer use is expected more than 50% of the time. Receiving detailed information verbally, in person, in writing, and by telephone is essential.
• Physical and mental ability to perform the essential functions of the job as listed.
• Able to regularly stand or sit for prolonged periods of time.
• Able to verbally communicate effectively with others.
• Able to legally operate an automobile in order to perform external real estate collateral inspections and other duties as assigned.
• Regular attendance is necessary and essential to this position.

This position will have no direct supervisory duties. This position reports directly to the Senior Vice President – Chief Credit Officer.

Benefits:

• 401(k)
• Dental insurance
• Health insurance
• Paid time off
• Vision insurance

Work Location: In person