Special Assets Office, Specialty

About Us

Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America's Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.

How This Role Impacts Live Oak and its People

The Special Assets Officer, Specialty (SAO) works within the Credit Organization under the direction of the Special Assets Manager. The successful candidate will manage a loan portfolio of high-risk assets within Live Oak's specialty portfolio to develop and implement strategies for these loans. The position also has the responsibility to proactively engage in conversations with regular servicing teams to assess risk potential for troubled assets and determine if a workout strategy is required. The SAO will work with customers to achieve a desired resolution to mitigate risk and maximize recovery to the bank.

What You'll Do at Live Oak

• Establish a high level of trust with assigned customers to continually be effective in monitoring changes in the borrower's business and personal level of engagement in the managing operations.

• Responsible for guiding at-risk borrowers through the process of transitioning out of their business, when appropriate, for creating an environment of cooperation and for encouraging open communication.

• Implement workout strategies of large bank exposures in excess of $10MM for specialty credits with management oversight.

• Oversees and/or analyzes current customers' financial status and keeps Special Assets management informed of same.

• Quarterly, a formal Watch/Criticized Report is prepared for presentation to Bank Management and Board.

• Accurately identify collateral and complete quarterly classified impairment assessment

• Liaise with internal stakeholders, including Credit, Legal Counsel, Loan Servicing, and Lending teams to ensure effective management and oversight of troubled loan portfolio

• Engage in bankruptcy and restructure strategies with oversight of execution

• Ensure that the servicing and liquidation of problem loan customers is in accordance with Bank, participant, and government program policies and procedures. Engage with loan participant and obtain necessary approval to remain compliant with agreements to prevent a loan participation default.

• Experience with development of strategies that minimize loss to the Bank which may include short term loan modifications and long-term loan restructuring.

• Present any proposed changes to loan terms to Credit Administration for approval.

• Lead the process of document review on serious problem credits to insure enforceability of documents and compliance with all bank policies and procedures.

• Quarterback legal actions taken against loan customers by acting as the Bank's primary contact to inside and/or outside counsel.

• Recommend changes to loan risk ratings as necessary to Credit Administration.

• Identify and recommend loan/lease losses timely to Special Assets Manager.

• Proactively engages in conversations with regular servicing teams to assess risk potential troubled assets and determine if workout strategy is required

How You'll Do It

• Excellent customer service and interpersonal skills with ability to effectively handle difficult conversations

• Sound judgment, detail oriented. Strong financial analysis skills

• PC proficiency

• In-depth knowledge of Bank lending policies, procedures and criteria

• Must have the ability to travel extensively

• Experience in bankruptcy negotiations/reorganizations

• Must have a valid driver's license

• Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program (CIP), and OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities

• Function as a team and realize all members of the team are vital to its success.

• Ensure problem loan files are current with call memos and correspondence to and from customer

• Perform other duties as required

Required and Preferred Experience

• Minimum Bachelor's degree in Finance or Business

• 3-5 years of lending/workout experience is preferred

• Formal Bank credit training is preferred

• Strong communication skills

• Strong organizational skills

• Proven track record of successfully resolving complex commercial loan credit issues and maximizing recovery

• Ability to work collaboratively within a team environment

To Thrive at Live Oak

• Gravitate to Growth

• Shows adaptability and support for changes to improve organizational effectiveness.

• Communicate and Collaborate

• Communicates clearly and thoughtfully, demonstrating empathy in teamwork.

• Eye of the Tiger

• Gets positive results by taking personal responsibility for actions and team outcomes.

• Know Your Business

• Curates and maintains a depth of knowledge and skill to perform one's job effectively.

• Customer at the Center

• Provides customers with a personalized experience to achieve exceptional outcomes.

For a detailed overview of our employee benefits please visit: http://www.liveoakbank.com/careers/

At Live Oak Bank, we are passionately focused on creating an inclusive and genuine environment! We encourage you to apply for roles that you believe you'd be a great fit for, even if you feel your past experience does not perfectly match every requirement. As we continue to grow, our People Team will match the skillsets of current and prior applicants with open roles within our organization. As we say at Live Oak, "Paint the Target!" and go after your goals!"

The base pay range for this position is $80,000.00 - $130,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate's salary is determined by several factors including travel, relevant work experience or skills and expertise.

Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.