VP / SVP Special Assets - Chicago, Downers Grove, or Aurora
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About The Position
The Vice President / Senior Vice President, Special Assets at Old Second National Bank plays a crucial role in overseeing a Commercial credit portfolio that consists of distressed and underperforming loans. This position is responsible for the risk management and loss mitigation strategies associated with this portfolio. The primary objective of this role is to identify distressed loans early and to develop and execute strategies aimed at recovery and loss mitigation. The VP/SVP will work closely with Commercial Bankers to implement these strategies effectively. In this senior role, the VP/SVP will report directly to the Chief Credit Officer and will regularly engage with Commercial Group Heads. The responsibilities include evaluating and proposing credit risk ratings within the assigned loan portfolio, developing action plans, and tracking results. The VP/SVP will also recommend risk rating upgrades or downgrades as necessary and oversee the critical monitoring of credit risk, devising strategies for mitigation and resolution before any deterioration accelerates. The role requires adherence to credit risk policies in the application of loss mitigation and performing collections on loans in compliance with these policies. The VP/SVP will develop workout strategies that take into account the borrower's repayment ability, collateral condition and value, and guarantor support. Collaboration with business partners in Commercial Banking, Loan Operations, Legal, and Credit is essential to support credit risk mitigation efforts. Additionally, the VP/SVP may serve in early due diligence of credit portfolios of acquisition banks and manage or delegate special projects assigned by the Chief Credit Officer or Commercial Banking Department Head.
