Southern Bancorp is more than a bank. As a Community Development Financial Institution (CDFI), a special certification designated by the U.S. Department of Treasury for institutions that serve predominantly underserved communities, Southern Bancorp combines traditional banking and lending services with financial development tools and public policy advocacy to help families and communities grow stronger. Inspired by the principle that building net worth drives economic opportunity, our mission is to be wealth builders for everyone in the communities we serve, with a focus on low-wealth and un(der)banked populations, as well as an emphasis on Black and Brown individuals.
Job Summary
The Chief Financial Officer (CFO) is the senior executive responsible for the long-term financial health of the Southern Bancorp entities including Southern Bancorp (SBI), the Bank (SBB), and Southern Bancorp Community Partners (SBCP). As a strategic advisor to the CEO, the CFO plays a critical role in the overall success of the entities. The CFO is a collaborative partner with other key executives, responsible for providing financial analysis, regulatory expectations, business acumen, and informed judgment to discussions. The CFO balances the unique culture and priorities of Southern Bancorp as a privately held, mission-focused CDFI with the needs of the organization’s management, investors, board of directors, and the communities that the organization serves.
Responsibilities
- Define and communicate the finance function’s strategy, goals, operating principles and value to the organization
- Assume responsibility for the organization’s financial processes, procedures and systems in accordance with regulatory requirements, Generally Accepted Accounting Principles and good business practices
- Establish strategies to ensure key financial targets are met or exceeded
- Assess and identify financial risks and recommend mitigating actions and communications with Executive Leadership Team (ELT), regulatory parties and external auditors
- Lead with a mission-focused mindset that considers the overall goals for the organization in the communities it serves as top priority
- Collaborate on funding and grant related activities; act as the primary point of contact for financial due diligence with investors; negotiate dividend and grant terms, covenants, and other terms related to receipt of grants and other investments or funding agreements
- In collaboration with ELT, facilitate the annual business planning process to ensure financial considerations are aligned with business decisions and overall capital plan
- Participate in all merger and acquisition activities, including deal development, negotiation, pricing and due diligence
- Lead accounting and financial review of all capital fundraising activities, initiatives and processes involving SBB and SBI
- Lead asset liability management team and manage overall funding and liquidity strategies and positions
- Manage Southern’s various investment securities portfolios
- Oversee financial planning and forecasting process, resulting in annual budget
- Define, set and monitor levels of accountability and expectations in meeting budgets
- Build and maintain relationships with key executives and board of directors to drive alignment on strategic priorities and ensure teams work cross-functionally to deliver results and ensure excellent
- Responsible for preparation of all financial statements, including income statements, balance sheets, shareholder reports, tax returns, bank regulatory and other governmental agency reports
- Direct the preparation of and interpret financial reports to management, shareholders, board and government authorities
- Lead and direct the proper preparation of and filing of all corporate tax returns
- Ensure the organization’s core values are modeled and driven across the organization
Requirements
- Bachelor’s degree in accounting, business administration or finance with 10-15 years of progressive responsibility and leadership roles in finance. Must have extensive banking experience, with executive experience at a $5+ billion financial institutions preferred. CPA required and master’s degree preferred.
- Ability to communicate effectively at a technical level with regulators, investors, tax authorities, and external auditors while communicating relevant and important financial information to ELT partners, the boards of directors, and staff at a level that can be understood by his/her audience
- Ability to help develop and drive a shared understanding of a long-term financial and strategic vision for organizational success
- Strong interpersonal skills and demonstrated ability to lead effectively through change, as well as hire and develop talented people who can optimize organizational performance
- Excellent analytical and abstract reasoning skills, excellent organizational skills and ability to delegate appropriately across teams
- Experience with capital markets, specifically with issuance of debt and equity securities
- Considerable experience with and knowledge of key state and federal financial services regulations
- Significant experience in or knowledge of nonprofit accounting, including fund and grant accounting, compliance and reporting
- History of managing growth objectives and aligning operations to support strategic business priorities
- Effective planning, coordination, and deadline orientation to support business management and operations
Physical/Sensory Requirements
While performing the duties of this job, the individual is:
- Regularly required to sit, talk, and hear; reach with hands and arms; and occasionally stand and walk, stoop, kneel or crouch
- May be required to lift or move up to 50 pounds occasionally
- Regular required to use computers, telephone, and other standard office equipment