The Managed Assets department focuses on improving the Bank’s commercial loan asset quality in a timely and cost-effective manner.  The Director of Managed Assets (the “Director” or “incumbent”) is responsible for loan workout leadership within the Bank’s Commercial loan portfolio and will deliver consistent, timely and high-quality credit administration.  The Director is responsible for the strategic leadership of the unit, the department’s P&L and setting team and individual goals to align the department’s performance with the Bank’s business strategies. The incumbent will ensure compliance with all internal, external, and regulatory compliance matters and have a complete understanding of rules, regulations, and laws specific to the management of criticized and classified credits within the Bank.   The incumbent will ensure adherence to SOX controls, CECL accounting rules and other governance processes.  Additionally, the incumbent will work in collaboration with colleagues within Corporate Credit and all commercial lines of business as well as with external regulators and auditors.

Major Responsibilities include but are not limited to:

• Responsible for the strategic leadership of the Managed Assets team, including performing due diligence for mergers and acquisitions.
• Attain assigned goals and business plan initiatives related to asset quality, compliance, and production standards by directing a team of Team Leaders, Relationship Managers, Portfolio Managers, Credit Analysts and Commercial Banking Administrators.
• Provide leadership and guidance, assess skills and competencies of team members and develop individual talent plans.  Focus on talent retention, career development and highlight underrepresented talent.
• Deliver and direct the delivery of coaching sessions.  Energize others to work toward accomplishing organizational objectives.
• Prepare and manage an annual budget and business plan, make decisions relative to staffing, evaluate performance and make compensation recommendations.
• Regularly monitor the Bank’s criticized commercial loan portfolio, oversee preparation of individual assessments for specific reserves and charge offs, advise finance and control partners on problem loan matters.  Provide direction and guidance to Team Leaders and Relationship Managers in formulating loan workout strategies.  Ensure timely and accurate reporting.
• Interface with third party professionals and outside counsel, manage bankruptcies, foreclosure, and loss mitigation matters.

Education and Experience

• Formal credit training, prior loan restructuring experience with solid leadership skills
• A bachelor’s degree or advanced degree or equivalent experience required
• Knowledge of bankruptcy laws and CECL accounting rules.
• 15+ years of professional experience related to the risk management of commercial loans including exposure to managing large syndicates as Agent or Participant.
• Excellent communication, teamwork, change management, and staff development skills are required.
• Proven management skills
• High level of knowledge of Microsoft applications and Bank Enterprise applications
• High degree of initiative, self-direction, and ability to work well under pressure in a time sensitive environment
• Bi-lingual skills desired, but not required

Committed. Inclusive. Courageous. Eastern Bank has built a legacy of investing in the communities we serve and helping our customers, communities and employees thrive and grow. We pride ourselves in having knowledgeable and experienced professionals that can provide the expertise, personal attention and service our customers deserve.

As an inclusive company, we work to ensure that our valued employees are treated fairly, recognized for their individuality, and encouraged to reach their fullest potential. These values have earned us a reputation as a great place to work and provide a strong reason why you should consider a career with us.