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Banking

Chief Financial Officer Full Time

At Stearns Bank, we’re helping people, entrepreneurs, small businesses, and local communities nationwide reach their full financial potential. Sound like something you want to be a part of? If so, we’re currently looking for a Chief Financial Officer. This is a Connected Mobile Work Environment.

Come see how we’re doing business unusual and charting our own path to reimagine a more inclusive financial services and banking ecosystem for all.

Benefits
Stearns Bank understands and respects that everyone is managing unique career, family, and wellness needs. That’s why we offer industry-leading benefits to employees to help them live healthy lives and bring their full selves to work every day. Benefits may vary for part-time positions. Some of those benefits include:

  • Employee Stock Ownership Plan & 401k Plan
  • Healthcare (Medical, Dental, Vision, Telehealth, Life insurance)
  • 12-week Paid Medical Leave
  • Paid Parental Leave: 21-weeks Primary Care Parent, 14-weeks Secondary Care Parent
  • $5,000 Family Care Reimbursement: Childcare, Elder Care, Student Loan Debt, Pet expenses, down payment assistance
  • PTO from 13 to 23 days depending on tenure. Cashout and Carryover options.
  • 10 Days Sick Time
  • 11 Paid Holidays
  • 4 Days Volunteer Time
  • 2 Days Self Allowance Time
    • Tuition Assistance

For this position, we anticipate an annual range between $170,000 – $400,000.
Final employment offers will be dependent upon the selected candidate’s relevant qualifications and experience.

JOB SUMMARY: The Chief Financial Officer is responsible for serving as the Bank’s lead financial executive overseeing and representing the Bank’s accounting/finance strategy, and all financial and accounting operations of the Bank. The position is responsible for adhering to all related generally accepted accounting principles (GAAP), tax and regulatory laws, rules and regulations to adequately and accurately reflect the financial position of the Bank at all times. The CFO will provide counsel to the President, CEO, and Board of Directors regarding the Bank’s internal accounting and financial reporting policies, programs and procedures. Conducts analysis and prepares regular reports reflecting the financial status of the Bank. Directs the development, implementation and maintenance of accounting systems which provide for (a) the control of the company’s assets and (b) the maintenance of a financial database to be used as input to various financial schedules, statements, reports and analyses.

RESPONSIBILITIES

  • Serves as the Bank’s lead financial executive overseeing and representing the Bank’s Accounting Department and all financial and accounting operations of the Bank.
  • Develops sound, progressive and effective programs in the areas of funding, investments, cash management, forecasting, budgeting, and similar activities within guidelines established by the Bank and the Board of Directors; provides supervision, mentorship, and support to all assigned areas of department operations where service or assistance is needed.
  • Participates and assists the Bank in formulating and meeting overall strategic business plans and goals, including the Bank’s annual operating budget, capital plan and budget, and interest rate risk (IRR) strategy; at the direction of the President & CEO coordinates the preparation and execution of the Bank’s strategic business plan; develops strategies and tactical business plans to help achieve organizational objectives; participates in the development and implementation of both short and long range financial plans; recommends new efforts to improve ROE/ROA; determines the appropriate allocation of resources to ensure maximum profits commensurate with the best interests of shareholders, customers and employees; and provides expert financial advice and input to board of directors and senior management, contributing to their overall business planning strategy.
  • Serves as chairperson of the Bank’s Asset/Liability Committee (ALCO) and coordinates the Bank’s asset/liability management programs to facilitate the assessment and control of interest rate risk and ensures compliance with Bank financial objectives.
  • Plans, coordinates, and executes effective processes related to the Bank’s capital and asset and liability structure by evaluating the structure position and strategies in order to maximize the Bank’s interest margin and overall profitability while managing the Bank’s interest rate risk position in a safe and sound manner, including, but not limited to, the review of the Bank’s loan portfolio for pricing and maturity distribution, the review of the Bank’s investment portfolio to ensure adequate pre-purchase analysis is performed on all investment securities and that investments are performing as expected, the review of the Bank’s deposit pricing and maturity stratification, and that adequate liquidity is maintained via line of credit or liquid investments.
  • Conducts financial and management reporting processes; prepares forecasting and budgeting plans, and conducts regular and ad-hoc financial reporting as required by the Board of Directors, President, CEO, shareholders, and other members of Senior Management, including, but not limited to, production reporting, financial analysis at the product and cost center level, and expense control.
  • Communicate with President and CEO regarding overall financial soundness of organization.
  • Coordinates the requirements and activities of external auditors and examiners during audits and examinations. Assures audit compliance and procedure quality control are maintained for the department and Bank; reviews, recommends and initiates corrective action(s); oversees certification and audit activities for all branches and departments; ensures department is in compliance with established bank policies, procedures, and state and federal regulations.
  • Assures that all regulatory, industry, internal and other external financial and operating reports are prepared in an accurate and timely manner.
  • Assure smooth flow of information throughout the organization and coordinate the various functional operations.
  • Research, develop, and implement new strategies for profitability and operating efficiency.
  • Maintain a working knowledge of all legal and regulatory compliance issues as they pertain to this position.
  • Develops, implements, and monitors accounting policies, procedures, practices, and internal controls; establishes and maintains accounting, and fiscal controls and the preparation and interpretation of internal and external financial reports; conducts business line and product profitability analysis; works with the Chief Credit Officer in the calculation and methodology of the Bank’s allowance for loan and lease losses /current expected credit losses.
  • Participates in the evaluation of potential merger and acquisition (M&A) candidates and coordinates the preparation of M&A financial projections.
  • Manages the application of funds transfer pricing to assets and liabilities and risk-adjusted return on capital calculations in connection with the evaluation of commercial loan opportunities.
  • Supervises various accounting functions, including but not limited to, general ledger, accounts payable and receivable, payroll, and benefits administration, maintenance and storage of proper financial records, and computation of Federal Reserve Bank reserves
  • Studies long-range economic trends and project company prospects for future growth in overall sales and market share, opportunities for acquisitions or expansion into new product areas, and estimates requirements for capital, land building, and workforce increases.
  • Loss prevention and security as applicable for this position.
  • Maintain a working knowledge of all legal and regulatory compliance issues as they pertain to this position.
  • Perform other duties as necessary for the efficient operations of the department and organization.
  • Complete required training.

REQUIREMENTS

  • Occasionally lift and/or move up to 10 lbs.
  • Literacy in English.
  • Ability to sit for extended periods of time, twist, bend, sit, walk use hands to twist, handle or feel objects, tools or controls, such as computer mouse, computer keyboard, calculator, stapler, telephone, staple puller, etc., reach with hands and arms, balance, stoop, kneel, talk or hear.
  • Specific vision abilities required by the job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.

QUALIFICATIONS

  • Bachelor’s degree (B.A.) in finance/accounting or related major from a four-year college or university required;
  • Masters Degree in finance/accounting or related major preferred.
  • CPA certification preferred
  • 15+ years related experience required
  • Excellent computer skills required. Experience with Profit Star, FiServ systems preferred.
  • Excellent organizational & communication skills
  • Flexible
  • Creative
  • Innovative
  • Ambitious
  • Proactive
  • Collaborative

THE COMPANY
Founded in 1912, Stearns Financial Services Inc. (SFSI) is a $3.2 billion, independently owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide. Specializing in affordable housing financing, USDA and SBA lending, and small business and equipment financing, Stearns Bank is regularly recognized as one of the country’s top-performing banks and “Best Banks to Work For” by American Banker.

As a Star Tribune Top Workplaces award recipient and an award recipient of the Minnesota Business Magazine 100 Best Places to Work in Minnesota, Stearns takes pride in their team and holds their employees in extremely high regard. We offer a competitive salary and benefit package including our Employee Stock Ownership Program-one of the best long-term incentive programs in the nation. To learn more about Stearns Bank, visit www. StearnsBank.com

EQUAL OPPORTUNITY EMPLOYER /AFFIRMATIVE ACTION PLAN

We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, or creed, religion, sex, marital status, familial status, sexual orientation, national origin, age, disability, veteran’s status, status with regard to public assistance, or any other class protected by Federal, State, local laws governing nondiscrimination in employment.

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