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VP, Loan Workout Officer

Oak Ridge, NJ, USA | Lakeland Bancorp, Inc.

  • Industry:
    Banking / Investment Banking
  • Position Type:
  • Functions:
    Project Management
  • Experience:
    5-7 years
Job Description:
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The Loan Workout Officer at Lakeland Bank is responsible for protecting the bank's portfolio by providing continual supervision of the loans and assets. The Loan Workout Officer manages a portfolio of classified or otherwise deemed problem loans of commercial, real estate and consumer natures.Emphasis is placed on recovery of assets if restructuring is not feasible.

Key Responsibilities:

Restructuring adversely-graded loans (Special Assets)

Works closely with officials of borrowing entities to secure collateral, preserve the loan principal, collect interest and prevent the loan from further deterioration. 

On problem credits (Special Assets), works collaborates with officials of borrowing entities to review and restructure credit and repayment terms, secure collateral, attain an equity position, or otherwise establish recourse to other borrower assets to prevent charge-off. 

Manages the litigation process in coordination with inside and outside counsel.Works closely with the Bank's Banks Asset Recovery Manager, Legal Department and Loan Operations

Interacts with senior bank, legal, audit, credit/loan policy, and regulatory officials at the highest levels. 

Responsible for maximizing recovery of non-performing loans which have been charged off.

Review loan approvals, memorandums, financial statements, and credit reports.Research for additional information as needed.

Order updated credit reports for new transfers.Determine what reports are required and complete requisition forms.

Prepare and distribute appropriate copies of form memos stating loan officer code changes.

Prepare documentation recommending change to loan risk rating. Provides brief history including the status of the loan along with basis to support recommendation of change.

Completion and distribution of change in loan risk rating.

Initiates call to borrower to discuss collection payment.Discuss the problem with the borrower and options available to correct the problem.Prepare memo outlining what was discussed at the meeting.

Update status and plan of action for commercial workout accounts list.Include status, plan of action, and time frame for follow-up purposes.

Prepares and send default/demand letters when required.

Reviews loan documentation identifying any areas of weakness and make sure any actions taken are in compliance with documents.Review loan policy and make suggestions for changes in the policy as necessary.

Provide for attorney review documentation outlining pertinent information and legal action being requested.

Review of current information, collateral and status to determine likelihood of repayment.Determines alternatives or exit strategy.

Completes proposal of work-out strategy for bank approval.Provide supporting documentation.Prepares letter of intent listing terms and conditions of workout. Communicate terms and conditions with attorney for approval.Make changes as necessary.

Coordinates with Attorney legal options, timeframe, and cost of litigation.Prepare documentation and action points

Recommends loans to the Banks Asset Recovery Manager, to be placed on non-accrual and for charge-off.

Periodic review of loans for charge-off. Complete memo outlining status and reason for recommendation.

Performs site visits to assess collateral.

Assists the Chief Credit Officer with reports for the Board and Senior Management.

Performs other related duties as required or assigned


Skills Required

Broad knowledge of such fields as accounting, marketing, business administration, finance, etc.

Four year college degree, plus 6 years related experience and/or training, or equivalent combination of education and experience.

Strong analytical skills. Ability to read, analyze, and understand common scientific and technical journals, financial reports, and legal documents.

Exceptional customer service skills. Ability to respond to complex or difficult inquiries or complaints from customers, regulatory agencies, or members of the business community.

Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts such as fractions, ratios, and proportions to practical situations.

Ability to define problems, collect data, establish facts, and draw valid conclusions.

Intermediate proficiency with accounting, Excel and Word

Self-motivated and can work independently

Excellent verbal and written communication skills

Must be bondable


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