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About Company
This is a bank with an established mortgage division looking to grow to be a 5-billion-dollar bank in the next 3 years.
Description
To be clear, this role would involve relocating to Oklahoma City or Tulsa. If a candidate is not able to do that, then this is not a match.
The CFO role for the bank involves budgeting, forecasting, planning, looking at individual transactions to see if they make financial sense, ensuring enough revenue to fund operations, running the Treasury Department, putting financial reports together monthly, meeting with the board, holding businesses responsible to be within their budget, and ensuring that they’re executing business appropriately. Most importantly, and what differentiates this from other CFO roles at banks, you are acting as a partner/right hand person to CEO, helping make decisions. Often the CFO is just an accountant and that’s poor utilization of a good CFO, but that is not what this is.
This job is NOT to simply come in each day, close the books, make sure the books are right, double check staff schedules, produce reports, and get them to the board on time. That is not this job. That is 5% of this job. You will do that and that should be running. You should have good lieutenants taking care of the day-to-day bookkeeping, the regulatory reporting, putting analysis together, etc. 90% of this job is taking the numbers, analyzing them, and translating that intohow to generate more money or how to do their business better and then working with the CEO and business runners to make it happen.
This is a complicated business because it not only is a bank, but it involves mortgages, which are dynamic, and you need to understand the economics of the different levers that you can/can’t pull. Mortgage background (amortization of MSRs, hedging, etc.) is important because much of the journal entries currently are mortgage related. This person needs pencil to paper on capital, allocation, and budgeting. As well as Treasury, A&L Management, Accounting, Tax, etc. Additionally, FP&A experience is very important, as well as strong capital planning.
This is an institution with less structure on elements that has a better business model and isn’t stuck with all the legacy issues that other banks deal with in terms of operations and systems that prevent it from being cutting edge. There isn’t the legacy baggage that needs to be carried.
