The CFO is responsible for directing the fiscal functions of the corporation in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board, the Securities and Exchange Commission, and other regulatory and advisory organizations and in accordance with financial management techniques and practices appropriate within the industry. Plan, develop, organize, implement, direct and evaluate the organization's fiscal function and performance. Participate in the development of the corporation's plans and programs as a strategic partner. Evaluate and advise on the impact of long range planning, introduction of new programs/strategies and regulatory action. Develop credibility for the finance group by providing timely and accurate analysis of budgets, financial reports and financial trends in order to assist the CEO/President, the Board and other senior executives in performing their responsibilities. Enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness of the corporation. Establish credibility throughout the organization and with the Board as an effective developer of solutions to business challenges. Provide technical financial advice and knowledge to others within the financial discipline.
Provide continual improvement of the budgeting process through education of department managers on financial issues impacting department budgets. Provide strategic financial input and leadership on decision making issues affecting the organization; i.e., evaluation of potential alliances acquisitions and/or mergers and pension funds and investments. Optimize the handling of bank and deposit relationships and initiate appropriate strategies to enhance cash position. Develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs. Be an advisor from the financial perspective on any contracts into which the corporation may enter. Evaluate the finance division structure and team plan for continual improvement of the efficiency and effectiveness of the group as well as provide individuals with professional and personal growth with emphasis on opportunities (where possible) of individuals.
The Chief Financial Officer is responsible for the company's financial plans, policies and procedures, its accounting practices, the conduct of its relationships with other financial institutions (including correspondent banks, securities firms, Federal Home Loan Bank (FHLB), the Federal Reserve (FRB), and other financial entities within the community), the maintenance of fiscal records, and the preparation of financial reports. The position involves supervision over general accounting, property accounting, cost accounting, and budgetary controls. Additionally, this position collaborates with the Compliance Officer in the overall administration of compliance and security.
Bachelor’s Degree in Accounting and/or Finance or a related field or equivalent work experience; 5-7 years experience in accounting and/or financial management, preferably banking.
Preferred Education and Experience: MBA
Skills & Abilities: Must be proficient in spreadsheet, word processing, and database software programs. Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, and governmental regulations. Ability to write reports, business correspondence, meet deadlines, attention to detail, and work under time constraints. Ability to effectively present information and respond to questions from groups of managers, directors, both face-to-face and over the telephone.
Individual should possess or show the potential for an analytical approach to problems with attention to detail and accuracy. Individual should have an assertive personality, good written and oral communication skills, be a career oriented professional, and willing to invest his/her time and effort based on the dictates of the job duties.
PRIMARY RESPONSIBILITIES AND DUTIES:
Bank Management – To participate in the overall management of the Bank and assist in achieving the long-term profitability, growth and prudent long-term strategic direction Reinforces the application of exceptional customer service through his or her own example along with appropriate follow through Management of Department 1.Responsible for evaluating the performance of personnel in the Financial Management Department. This individual recommends training requirements, has the duty to keep the staff at the highest level of skill necessary to meet the company’s needs and objectives, and may recommend that personnel be hired or removed from the Department. Additionally, individual must possess: •Ability to maintain and update job descriptions and standards for the department •Ability to train employees to meet job responsibilities •Ability to establish and maintain an effective cross-training program within the department •Ability to effectively coach, counsel, discipline, and assist department personnel in developing skills to further their careers •Ability to objectively analyze employee performance and determine strengths and weaknesses •Ability to handle all disciplinary matters consistently between associates and in accordance with established policies and procedures. •Ability to identify, screen and attract management candidates from outside the company •Knowledge and understanding of all policies and procedures and communicate and enforce all policies fairly and consistently with staff •Ability to develop and establish effective policies and procedures to ensure regulatory compliance and effectiveness of the department •Ability to manage and control department within budget •Ability to provide accurate policy interpretations •Skilled in maintaining a supportive role with other departments
2.Coordinates and directs the preparation of the budget and financial forecasts. Institutes and maintains other planning and control procedures (including the cost accounting system), and analyzes and reports variances. •Ability to schedule and coordinate the preparation and presentation of the annual operating budget •Ability to coordinate all aspects of the fixed assets expenditures and operational budget •Establish all accruals and prepaid accounts in relation to the approved budget •Set-up of Predefined Automatic Entries (PAEs)
Financial Objectives: 3.Development, analysis, and interpretation of statistical and accounting information in order to appraise operating results in terms of profitability, performance against budget and/or peer, and other matters bearing on the fiscal soundness and operating effectiveness of the organization. •Skilled in following procedures regarding making entries required for preparation of the financial statement •Ability to review statements for inaccurate data and make corrections within the time period •Ability to investigate and critique significant variances from budget (variance of +/- 10%) •Skilled in informing Senior Management of current and potential financial problems •Ability to take initiative regarding getting internal control related problems resolved
PRIMARY RESPONSIBILITIES AND DUTIES (Continued) :
•Skilled in working with members of management committee, regarding pricing, ratios, and other financial decisions •Ability to coordinate (with Senior Management) and prepare the financial forecast •Ability to prepare and present financial reports to the Board of Directors
Accounting Practices, Procedures, and Policies 4.Maintains the company's system of accounts and keeps books and records on all company transactions and assets. Additionally: •Maintain records storage area in compliance with record retention requirements of relevant government agencies •Preparation and knowledge of sales tax returns, as well as any other applicable tax liabilities •Responsible for tax planning and compliance with all federal, state, and local corporate, payroll, and other applicable taxes •Knowledge and understanding of all pertinent leases, contracts, agreements, covenants and restrictions •Skilled in critiquing overages and advising management in advance •Maintain depreciation schedule with the ability to accurately setup, audit and control disposition of fixed assets •Maintain general ledger and perform account maintenance in compliance with reconciliation processes and accuracy •Ensure all Account Payables are properly reviewed, approved, paid, and recorded in accordance with policy and procedures •Monitor and management the bank’s daily cash position / investment of federal funds sold and other cash available •Prepare and/or ensure supporting entries to general ledger (GL) and applicable subsidiary accounts are performed
Reconciliations: 5.Ensure all reconciliations are completed within the time period established, all exceptions cleared during time period, and accounts reconciled to general ledger. •Ability to develop and establish reconciliations as required to ensure proper review of all GL accounts •Skilled in clearly reconciling the account balances on a current basis •Skilled in establishing balances in accrual, pre-paid and other accounts using proper accrual methods and expense realization logic •Ability to calculate various financial ratios and compare to standards •Ability to work with department managers to control purchases and losses according to established realistic pars •Review any problem accounts, GLs, etc. with COO and adjust entries to the GL •Responsible for daily review of changes to all GL accounts and ensure all entries have been properly entered •Maintain the timely balancing of the investment portfolio and investigate and clear all outstanding items within a 30 day period
Reports & Analysis: 6.Furnishes internal reports, revises and updates reports to be more useful and efficient, and furnishes external reports as necessary. Prepares reports that outline the company's financial position in the areas of income, expenses, and earnings based on past, present, and future operations. •Ensure the closeout of the Bank’s financial reporting is completed within the established time period •Ensure all regulatory reports are prepared, reviewed and submitted within establish time period •Ability to produce timely and accurate in-house reports •Review all statements with COO to determine final entries •Produce statements within designated time frame for preliminary distribution to Bank management. •Produce completed financial packages and presentations for distribution to Senior Management and Board of Directors •Skilled with assisting other managers in analyzing statements, ratios, and other financial data •Ability to perform financial analysis as needed and/or requested by Senior Management
Maintains a proficient knowledge of all applicable banking rules and regulations Identifies and mitigates potential risk issues against the Bank; interacts with Bank personnel pertaining to such issues
Ensures timely distribution of related materials and publications to designated personnel SECONDARY DUTIES: Must adhere to a viable reporting routine as required by management
Perform other tasks as requested by supervisor and Senior Management as they relate to the bank and its functions
Complies with all federal and state laws and regulations as well as internal policies and procedures of Citizens Bank, and the bank’s code of conduct.
This job description is a general representation, and not all inclusive, of the duties and responsibilities commonly found for this type of position
Additional Salary Information: Salary Negotiable for the right candidate with experience and education.
Citizens Bank is a full service commercial bank offering the highest caliber of financial services to the community since 1904. One of two minority banks in the state of Tennessee. We are proud to offer efficient, personalized, professional service to each of our customers.