Chief Credit Officer

About Locus:

Locus (formerly VCC Social Enterprises) partners with communities where the capital system is not working to ensure that everyone, no matter their background, location, or economic status, can live in healthy, thriving communities. A capital system that centers community input and impact is essential to making this a reality.

Locus is a nonprofit holding company regulated by the Federal Reserve. Locus is the parent organization for a family of social enterprises, which includes Locus Bank, Locus Impact Fund, Locus Capital and the Community Investment Guarantee Pool, or CIGP. Locus has generated over $2 billion dollars in total impact in local communities to create jobs, energize places, and promote an enhanced quality of life. With offices in Christiansburg and Richmond, Locus offers innovative and flexible financing tools and professional advisory services to individuals and organizations in low-to-moderate income and underserved communities. Locus Bank is an FDIC-insured, certified bank and B Corp offering products tailored to socially conscious investors, along with personal and business checking, savings, and certificate of deposit accounts. Locus Bank is a majority-owned subsidiary of Locus. Member FDIC. Equal Housing Lender. Learn more at www.locusimpact.org.

Ideal Candidate:

We are seeking candidates deeply committed to our mission, vision, and core values. Our ideal candidate will be passionate about creating equitable access to capital by developing community partnerships and innovative tools that tackle systemic challenges and advance promising opportunities.

Position Overview:

The Chief Credit Officer (CCO) will provide the leadership and vision to develop and execute credit risk strategies in support of Locus’s credit culture and overall business objectives. The CCO is responsible for leading credit decisions for the Bank, loan fund, and guarantee pool. The position of CCO is also responsible for helping the company achieve its goal of becoming a true impact bank, this requires a curious, motivated, and analytical mindset to help Locus embrace more equitable lending and underwriting practices. The leader in this position will serve on several committees and help connect credit to the overall mission of the organization. The CCO will be responsible for managing a team of portfolio analysts, a Special Assets department, and a Credit Review team. The Chief Credit Officer (CCO) is responsible for providing independent oversight of Locus’s credit environment.

Essential Duties and Responsibilities:

Equitable Policy & Programs

• Develop and implement a responsible lending and investment policy in collaboration with the Locus executive team and Executive Director of Impact Lending
• Pilot new underwriting practices to increase the amount of impact lending Locus does while maintaining acceptable levels of risk
• Analyze Locus’ existing underwriting policy to identify any practices that may be inequitable, assess risk incorrectly, and/or could be improved
• Build an understanding across Locus of the social value and limited risk of more inclusive lending practices
• Represent Locus on local, statewide, and national committees and working groups committed to equitable underwriting and lending systems change

Credit Approval and Guidance

• Approve loan requests, in coordination with the underwriting and credit and risk management teams. CCO delegated authority is for loans up to and including $3.5 million.
• Develop asset quality review policies and procedures
• Monitor and communicate concentration of credit limits: by collateral type, sponsor, market and project type
• Exercise approval authority for credit decisions, loan approval notifications, loan restructures and write-offs in coordination with relevant internal Locus staff. Work actively with Impact Lending team to address credit issues arising after Credit Committee approval of a loan proposal.

Credit Risk Management

• Oversee development, and evaluation of loan and credit policies, loan products, underwriting, structuring, documentation to ensure compliance with relevant programmatic, financial, risk, DEI and impact criteria.
• Collaborate with the Executive Director of Impact Lending on developing new loan products and updating credit policies and procedures.
• Maintain risk-rating guidelines and risk management procedures
• Engage and manage the external portfolio review annually, presenting results to the board and driving any changes/follow-up from the report.
• Manage the watched/criticized loan process and work with outside collection agencies and internal loan officers as necessary to minimize charge-offs.
• Manage any assets in OREO.
• Manage the loan audits by the examiners. Stay in close communication with auditors with respect to strategy. Provide quarterly updates on the progress of new lending guidelines and credit strategy.
• Sign off on the credit risk rating of all new credits, and any recommendations for changes of existing credits. Review existing risk rating system to ensure risk is being measured accurately

Management Responsibilities:

• Recruits, interviews, hires, and trains and manages staff through a hybrid remote working environment.
• As a member of the executive team, ensure adherence to the organization’s Diversity, Equity and Inclusion strategic plan.
• Provides constructive and timely performance evaluations.
• Handles discipline and termination of employees in accordance with company policy.
• Participate in and lead culture-building efforts with direct reports and across the department.

• Bachelor’s degree from an accredited college or university required
• Candidate should possess solid Credit, Risk, and social impact analysis skills.
• Minimum 8 years' experience in the community development finance industry, preferably at a CDFI Bank or Loan Fund.
• Formal credit training with strong credit skills.
• Well-honed ability to analyze financial statements and cash flow projections, project development budgets, construction budgets, and project operating pro formas.
• Demonstration of personnel and business line management.

Technology:

• Excellent Word, Excel, and Windows file management skills mandatory
• Strong technical experience with Salesforce or other CRM tools
• Demonstrated web research skills
• Experience with Microsoft applications
• Must be able to work independently in a stable remote environment

Communication:

• A positive, forward-looking approach directed to overcoming obstacles and “get to yes”.
• Ability to communicate verbally across all levels of the organization clearly, concisely and confidently.
• Ability to write accurate, clear and organized communications, incorporating a range of information and analysis. Ability to document workflow and procedures.

Mission/Vision/Organizational Values:

• Live and represent the values and mission of the organization – keeping diverse, equitable, and inclusive impact at the center of all efforts and execution
• Strong analytical and interpersonal skills with a demonstrated ability to establish and maintain effective working relationship with others and successfully interact with people at all management and support levels, as well as people of diverse socio-economic backgrounds
• Ability to organize and prioritize work activities to meet deadlines and ensure high quality work products
• High level of adaptability and flexibility required
• Ability to travel as required
• Alignment with the organizational goals:
• Sensitivity to racial, gender, sexual orientation and cultural differences and treat everyone with dignity and respect
• Effective, respectful, and timely communications with internal and external stakeholders
• Analytic, thoughtful and strategic thinking and thoroughly aware of organizational goals and strategic direction. Must have the ability to switch roles and procedures easily to facilitate change in line with organizational priorities.
• Consider the mission, objectives, and goals of LOCUSSE and demonstrate an understanding of the impact of their decisions and behavior on the organization
• Access to high-speed internet bandwidth and reasonable proximity to LOCUSSE or a major metropolitan airport.

Locus prefers applicants from East Coast states where business relationships have already been established, they include: Virginia, New York, Florida, New Jersey, West Virginia, Georgia, North Carolina, Massachusetts and Pennsylvania. Considerations may be given to candidates from other established states such as Nebraska, Colorado, Montana, Kansas, Tennessee, and Missouri.

Locus offers a competitive salary based on experience and skills, as well as an excellent benefits package including health, disability, life insurance, 401(k) savings plan with employer match, and paid time off. The salary range for the Chief Credit Officer is $214,000 - $234,000.

To apply, select the "Apply" tab below.

Locus is an Equal Opportunity Employer. Locus does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disability, or status as a veteran.