Special Assets Officer, Commercial

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.

The Special Assets Officer, Commercial (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 commercial 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.

• 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 commercial 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 enforce ability 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.
• Follow all 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.
• Maintain a high standard of regulatory awareness including BSA, AML, CIP, and OFAC.

• Bachelor's degree in Finance or Business.
• 3–5 years of lending/workout experience.
• Must be located in North Carolina.
• Excellent customer service and interpersonal skills with ability to effectively handle difficult conversations.
• Sound judgment and attention to detail.
• Strong financial analysis…