Special Assets Portfolio Manager

Who We Are

At Old Second, you're first! For more than 150 years, Old Second has consistently put businesses and individuals throughout the Chicago area first, and we're only getting started.

With great employees we've grown from a single location in the back of a general store to 50 locations and over $6 billion dollars in assets. At Old Second we embrace values that foster an environment of community and growth. Recently, we've been voted a Forbes Best-In-State Bank for Illinois by our customers. Be a part of something big as we continue our growth story together!

Position Overview

The Special Assets Portfolio Manager is duly responsible for Retail and Commercial collections and loan workouts. The incumbent solely manages collections for the consumer lending portfolio inclusive of HELOCs and secured loans and, under direction of management, learns and participates in the Commercial collection and loan workout process. The incumbent assists with the management, maintenance, and sale of residential and commercial Other Real Estate owned properties. Assists workout group in the Bank's portfolio of real estate, including an initial intake and evaluation of the property, coordination with appropriate vendors to prepare, maintain, and market the property for sale, and coordination with internal departments to properly value and account for real estate holdings and sales.

Additionally, the incumbent assist with non-complex commercial loan workouts in order to maximize recovery and minimize loss. The position also will involve the negotiation of settlements which may involve the acquisition of real estate and its management and disposition.

Essential Job Functions

Collections :

• Directly manages collections of consumer loans following regulatory guidelines.
• Participates in management of residential real estate owned including protecting and maintaining assets to maximize profits from eventual sale.
• Assists with initial property evaluation after the bank takes ownership of an asset including general property condition assessment and determines necessary action to prepare or maintain property for sale.
• Coordinates and follows up to ensure necessary actions are taken to prepare and maintain property for sale including working with approved vendors and managing vendor activity.
• Participates in ultimate resolution to unforeseen events such as property damage, break-ins, and maintenance problems.
• Coordinates billing for OREO related vendor services including resolving payment disputes, delinquencies, or discrepancies.
• Coordinates with internal departments as needed to notify appropriate areas of new assets, changes in asset condition, changes in asset valuation, or of property sales.
• May perform similar duties for both residential and commercial real estate holdings as necessary.
• May monitor cash collateral accounts to ensure compliance with agreements; responds appropriately in cases of non-compliance.

Loan Workouts :

Required Qualifications

Portfolio Manager :

Bachelor's degree in related field (Business, Accounting, Finance, Economics, etc.) and two or more years' experience in consumer collections, special assets, OREO, collections, or related field; or equivalent combination of education and experience.

Competencies / Skills at all levels :

Preferred, but not required :

Location Details

This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role. Onsite options include Aurora, Downers Grove or Chicago, IL. Actual schedule requirements may vary based upon business needs.

Compensation & Benefits

Base pay : $61,000-$80,000

Old Second is committed to fair and equitable pay practices. Pay is dependent upon the pay range and the incumbent's knowledge, skills and experience.

Benefits : How We Support You - Old Second

Thanks for considering Old Second!