CHIEF FINANCIAL OFFICER / VP FINANCE / CONTROLLER
SEC and Financial Reporting / Budgeting and Variance Analysis / Asset-Inventory Control / GAAP / IPO / Investments / Regulatory Compliance / 401K / ESOP / G & A Management / Portfolio Management
Successfully implemented financial operational changes to improve revenues, increase margins and reduce costs, leading to turnarounds and increased portfolios for several financial institutions. Recognized for ability to support new business and growth opportunities while ensuring regulatory requirements were satisfied. Experienced in automating reporting processes, financial reporting, forecasting and variance analysis. Forged strong relationships with outside auditors and regulators. Administered stock benefits plans, including ESOPs.
* Developed partnership that generated a 60% increase in net income for community bank.
* Raised $21M through the IPO of $55M community bank.
* Increased quarterly dividends 85% over five years at Chicago area community bank.
* Raised interest income 20% on community bank's overnight funds .
Key Skills: SEC Reporting. Grasp technical matters quickly. Win cooperation at all levels. Analyze situations rapidly. Decisive. Ability to get things done quickly. Handle rapid change easily. Meet demanding objectives. Problem solver. Remain calm under pressure. Simplify complex problems. Work alone or as part of a team.
MBA, Governors State University, 1993.
BA, Accounting and Finance, Governors State University, 1990.
SELECTED ACCOMPLISHMENTS
Created financial model for regulatory submission upon purchase of a Chicago area thrift. During process of bidding on a $35M Chicago area thrift, created model for submission to regulatory agency and for budgeting purposes.
Developed partnership that generated a 60% increase in net income for $90M community bank. Company was over-capitalized after finishing its IPO and was having trouble raising deposits in its local market. Signed up with a nationwide CD network to attract time deposits throughout the US. Bank was able to attract over $14M in less than nine months, with no impact on its pricing of local deposits.
Raised $21M through the IPO of $55M community bank. Bank was looking to go public to offer employees an equity stake in company. Worked with external auditor, investment banker and outside legal counsel, developing prospectus for IPO. Raised $21M through successful IPO, including a $2M ESOP. Employees received ESOP benefits of approximately two times salary, while shareholders received $14.00 per share and $6.35 in dividends over a five-year period on a $10 initial investment.
Increased quarterly dividends 85% over five years at Chicago area community bank. Company shareholders began pressing for better utilization of company's capital. Worked with investment banker on a capital utilization / shareholder enhancement program consisting of share buybacks and increasing quarterly dividends. Issued special dividend of $4.00 per share and repurchased 489,000 shares in regular buybacks.
Raised interest income 20% on community bank's overnight funds. Company's correspondent banking relationship was not offering the convenience for the cost. Moved the banking relationship from a Chicago area commercial bank to the Federal Reserve Bank of Chicago. Interest income on available funds increased 20%, banking fees decreased 12% and the bank gained additional functionality and quicker access to funds.
CAREER HISTORY
Proposed Controller/CFO, 2007 to present. Recruited by investment group to become CFO upon acquisition of $35M Chicago area thrift. Created financial model for submission to bank regulators for regulatory approval and budgeting purposes. Worked with proposed senior management team in formulating business plan, company-wide and department policies. Created database of area demographics and banking competition to determine location of a “de novo” bank.
CFO, $200M financial institution, 2001 to 2007. Prepared annual and monthly budget, including future cash flow to fund mortgage pipeline. Planned investing and borrowing activity. Managed monthly closing and estimated tax calculations. Managed all regulatory filings and examinations with Office of Thrift Supervision (OTS), as well as annual audits. Implemented and adjusted internal controls based on audit findings / recommendations or changes in business activity. Coordinated transfer of loans sold and monitored mortgage servicing rights for proper amortization. Outsourced various non-core business processes.
CFO, $115M community bank, 1993 to 2001. Member of management team which grew community bank from $55M to $115M through various asset/liability strategies. Managed all regulatory filings with OTS and SEC, including 10-QSB, 10-KSB, and HB-11, as well as quarterly earnings release, dividend announcements and annual reports. Administered recognition and retention plan and stock option plan upon shareholder approval, as well as a $2M ESOP. Managed $45+M security portfolio. Negotiated all business insurance, including D&O and worker's comp. Oversaw implementation of various products and services, as well as technology system upgrade.
Systems Coordinator, Advance Federal Savings Bank, 1990 to 1993. Customized Unsisy FSA software to meet the needs of customer service representatives. Installed software upgrades and hardware at twelve branch offices. Maintained proper computer memory on Unisys A3-F. Created program automating job stream for computer operators. Created Lotus 1-2-3 file, with macros, to automate billing and receipt for safe deposit box departments
Earlier: Head Teller / Accounting Clerk, Concordia Federal Savings Bank, 1983-1990. |
