Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.
The VP Underwriter supports the Corporate Banking Group by providing thorough, objective analysis of the financial condition and credit worthiness of corporate banking credit opportunities.
This position is responsible for analyzing risk, presenting credit recommendations and collaborating on the appropriate structuring of transactions for cash flow and asset based borrowers. Transactions include direct (bi-lateral) and syndicated/ participation credits. The successful candidate will also be responsible for ongoing portfolio maintenance, including renewal of existing credit limits, ongoing credit analysis and the reporting of financial and collateral trends, detection and reporting of early warning signals, and documentation of credit agreements and amendments as required through collaboration with internal and external legal counsel. Where appropriate, the candidate will collaborate with relationship managers on marketing activities.
More specifically, the position requires the following:
• Preparation of deal pre-screen memos, including overview of obligor/industry, preliminary analyses of operating performance, financial performance, cash flow, sources of repayment, collateral, and key credit risks.
• Preparation of formal credit approval memorandum, including comprehensive credit analysis and risk assessment. Responsible for formal presentation of Credit Recommendation to Credit Administration.
• Initiate preparation of loan documentation and remain actively involved throughout loan document negotiations.
• Coordinate loan closing both internally with loan operations and externally with client.
• Assists in preparation of quarterly monitoring reports and makes recommendations on any risk rating changes
• Call on customers and prospects jointly with Relationship Managers.
• Assists the Relationship Managers in structuring and pricing new transactions
• Works with Analysts on the preparation of all financial tables, projections, models, etc.
• Work with junior staff members to coach and develop talent.
• BA/BS degree required.
• Formal bank credit training is preferred.
• 5+ years of experience in underwriting/analyzing commercial banking transactions, including participations in syndicated transactions.
• Ability to structure, negotiate, and manage complex credit transactions.
• Experience in cash flow, borrowing base, and ABL structures.
• Strong analytical skills including the ability to read and assess personal and company financial statements.
• Ability to prepare cash flow, industry and competitive analysis and projections.
• Proficient in spreadsheet and word processing applications.
• Demonstrated knowledge of intermediate accounting theory and its practical application in the underwriting process.