Chief Financial Officer

Crescent Search Inc. • Detroit, MI, United States • $200k - $250k / year • 1m ago

Our bank client is seeking an experienced and strategic-minded Chief Financial Officer to join their team.

Position Overview:

The Chief Financial Officer (CFO) will be a key member of the executive leadership team, responsible for providing strategic financial direction and ensuring the bank’s financial health and stability. The CFO will oversee all financial activities, including financial reporting, budgeting, forecasting, treasury, asset/liability management, and regulatory compliance, while collaborating closely with senior leadership to support the bank's mission to serve the underserved and create lasting community impact.

This role offers a unique opportunity to shape the financial strategy of a growing, multi-state community bank to drive both stability and innovation.

Key Responsibilities:

Financial Strategy & Leadership:
- Provide strategic insights to senior management and board of directors to support decision-making and long-term planning. Lead financial due diligence efforts and provide financial analysis and guidance for potential mergers, acquisitions, and strategic growth.
- Lead the finance and accounting teams in providing accurate financial reporting and analysis.
Financial Operations:
- Oversee the bank’s financial operations, including budgeting, forecasting, general ledger management, cash flow, and financial reporting.
- Manage capital planning, liquidity, and cash flow management, ensuring strong asset and liability management.
- Lead efforts in maintaining a robust internal control environment and improving operational efficiency.
- Oversee the company finance IT system to streamline financial processes and enhance data accuracy.
- Control and evaluate the organization’s fundraising plans and capital structure to support growth objectives.
- Manage vendor relationships to negotiate favorable terms and ensure cost-effective financial services.
Regulatory & Compliance Oversight:
- Manage internal and external audits/exams by the FDIC and others as required.
- Ensure the bank adheres to all relevant federal, state, and local regulatory requirements, including FDIC, OCC, and Federal Reserve regulations.
- Coordinate with external auditors and regulators to maintain compliance and address any financial issues promptly.
Risk Management:
- Perform risk management by analyzing the organization’s liabilities and investments, identifying potential risks, and implementing risk mitigation strategies.
Team Leadership & Development:
- Lead and mentor a high-performing finance and accounting team, fostering a culture of accountability and continuous improvement.
- Mission-driven with a strong affiliation with community-centric organizations.
- Drive employee development and succession planning for key roles within the finance function.
Strategic Business Partnership:
- Collaborate with business unit leaders and executives to drive profitability and identify opportunities for revenue growth.
- Play a key role in merger and acquisition (M&A) activities, as well as potential expansions or new branch openings.
Stakeholder Relations:
- Present financial reports and updates to the Board of Directors, investors, and key stakeholders.
- Build strong relationships with external auditors, banks, and regulatory authorities.

Qualifications:

Demonstrated Knowledge:
- Strong technical knowledge of U.S. GAAP and experience with FDICIA/SOX requirements.
- Proficient in the preparation and filing of Call Reports with the appropriate regulatory authorities, ensuring accuracy and compliance with regulatory requirements.
- Working knowledge of the Community Reinvestment Act (CRA), Minority Depository Institution (MDI), and Community Development Financial Institution (CDFI) programs.
- Understanding of regulatory compliance and reporting requirements specific to multi-state community banks.
- Knowledge of financial risk management practices, interest rate risk, liquidity risk, and market risk.
- Comprehensive understanding of the Current Expected Credit Loss (CECL) accounting standard.
- Proficiency in financial modeling and forecasting techniques.
- Knowledge of banking operations, lending practices, deposit products, and treasury management services.
- Understanding of banking laws, regulations, and industry best practices.
- Awareness of emerging trends, technological advancements, and industry benchmarks in the financial services sector.
- Knowledge of cybersecurity and data privacy practices.
- Familiarity with corporate governance principles and experience in working with board committees.
- Knowledge of relevant accounting software, financial management systems, and data analytics tools.
- Understanding of macroeconomic trends and their potential impact on the bank's financial performance.
- Awareness of the local, state, and federal regulatory landscape governing financial institutions.
Competencies:
- Analytical Skills: Collect and analyze data, design workflows, and identify data relationships.
- Communications: Express ideas clearly in written and verbal form.
- Customer Service: Display courtesy and sensitivity, manage difficult situations.
- Continuous Learning: Assess strengths and weaknesses, pursue training opportunities.
- Planning & Organization: Integrate changes smoothly, prioritize work activities.
- Teamwork: Contribute to a positive team spirit.
- Leadership: Ability to build finance operations and develop key team members.
- Strong organizational skills and ability to adapt to a changing environment.
- Proven experience in staff management and workload supervision.

Education and Experience:

Bachelor’s degree in accounting, finance, or a related field.
Previous experience in the banking industry.
Minimum of 10 years of relevant work experience. Public accounting experience preferred.
Certified Public Accountant (CPA) preferred but not required.
Proficiency in Microsoft Office Suite, QuickBooks, and other relevant financial software.

Compensation and Benefits: