Position Title

Deputy Chief Financial Officer (“DCFO”)

Location

New York, NY

Reports To

Chief Financial Officer

Position Summary

Reporting to the Chief Financial Officer (CFO), the Deputy Chief Financial Officer (“DCFO”) acts as a true business partner to the CFO, the CEO, the Board of Directors, and the Senior Management Team. The DCFO also represents Carver Federal Savings Bank (“CFSB”), with the CFO or independently, in the broader business and regulatory community in a highly visible role and provides key communications to external stakeholders.

This is a key strategic and operationally-focused position for a financial institution that requires a formidable executive with demonstrated experience in financial services, who can drive financial success through organic growth, segment and market expansions, and other innovative opportunities. The Chief Financial Officer’s team leads several critical functions including accounting, financial planning and analysis, treasury, tax, and accounting, and the Deputy Chief Financial Officer works closely with all key functions, including Legal, Compliance, and Audit. In addition to the day-to-day strategy and management of the financial function, the Deputy Chief Financial Officer assists the CFO in managing the Bank’s balance sheet (asset/liability), liquidity and interest rate sensitivity, capital structure, and overall financial reporting and control processes.

This position requires high energy and a strong work ethic, leadership of multiple priorities, outstanding communications and interpersonal skills (particularly presentation skills), the ability to work across functions, and a deep knowledge of the banking sector, business, and finance.

Key Responsibilities

Primary Responsibilities

Plan, develop, organize, implement, direct, and evaluate the organization's financial function and performance. Serve as a focal point for the Bank’s initiatives for performance improvement, driving the delivery and optimization of its financial performance targets through the operation of rigorous controls, remedial actions and the provision of advice and guidance.
Develop, implement and communicate the finance strategy to drive the delivery of CFSB's business strategy and performance targets. Participate in the development of CFSB’s plans and programs as a strategic partner.
Direct the management of the Bank’s capital structure to ensure the continued availability of capital to meet agreed upon business priorities and requirements while satisfying all relevant regulatory requirements.
Develop and maintain a comprehensive framework of financial policies, standards and practices that will ensure an appropriate level of consistent financial control, in line with Board and executive expectations and regulatory requirements.
Verify the Bank’s accounting activities are properly recorded in accordance with GAAP, including daily activity, month-end accruals, intercompany and consolidating entries. Provide technical financial advice and knowledge to others within the organization. Ensure that all general ledger account reconciliations are completed monthly. Review monthly variance analyses on a departmental basis to ensure proper income and expense classification, providing explanation for significant or unusual items.
Shared responsibilities, with the CFO. for overseeing monthly reporting, including financial statements, Board reports, and Board presentations. Review financial statements, including all supporting schedules, for annual audit. Serve as the final reviewer of the Bank’s Regulatory Call Reports prepared by accounting staff.
Shared responsibilities, with the CFO, for providing timely and accurate analysis of budgets, financial reports and financial trends in order to assist the CEO, Board and other senior executives in budget accountability and in performing their responsibilities. Seek continual improvement of the budgeting process through education of department managers on financial issues impacting their budgets.
Shared responsibilities, with the CFO, for evaluating and advising on the impact of long range planning, introduction of new programs/strategies and regulatory action.
Enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall control and effectiveness of the Bank.
Shared responsibilities, with the CFO, for providing strategic financial input and leadership on decision-making issues affecting the organization i.e., evaluation of potential alliances and partnerships, and longer term, acquisitions and/or mergers.
In partnership with the CFO or independently, as required, responsibilities for presenting routinely to the Board of Directors and senior management.
Evaluate the finance division’s structure and team plan, focusing on continual improvement of the efficiency and effectiveness of the group and providing individuals with professional and personal growth.
Oversee and direct treasury, budgeting, tax, accounting, long range forecasting, and insurance activities for the organization. Appraise the organization’s financial position and issues periodic reports on organization's financial stability, liquidity, and growth.
Develop and implement financial institution fiscal plans and policies.

Board and Staff Committees

- Responsible for co-managing the information flow to the Board of Directors’ Finance and Audit Committee in execution of the Company’s fiduciary responsibilities, including quarterly SEC and bank regulatory filings (10-Ks, 10-Qs, earnings release, Thrift Financial Report).
- Chairs management committees in the CFO’s absence including the following committees :Management Investment Committee; Internal Asset Review Committee; Carver Asset Corporation (Carver’s REIT).
- Serves as a member of Management Loan Committee, with oversight attention to yields and fee structure associated with loan transactions.
- Prepares and coordinates dissemination of key financial performance information to the Board and management team.
- Collaborate with the Board of Directors, including the Finance and Audit, and Institutional Strategy Committees to develop financial forecasting and recommend strategic actions to support sustained growth and profitability.
- Develop and oversee analysis centered on Capital, interest rate sensitivity, and revenue-driving indicators.

Shareholder Relations

- Collaborate with the CEO to keep investors informed. Responsibilities include preparing and distributing earnings releases and other material information; producing investor presentations including those presented at the Annual Meeting of Stockholders; managing outbound and inbound calls regarding financials and other significant matters.

External Vendors

- The Company outsources a significant number of functions. In the Finance and Accounting Department, the DCFO will support the CFO in managing relationships with the independent external auditor, along with tax and legal counsel, and interest rate risk and investment banking advisors.

Supervisory Duties

- The DCFO’s direct reports may include the Controller, who manages the accounting department daily and the Treasurer, who manages various duties related to the Company’s asset/liability management, including the investment portfolio, budget, and forecasting processes. The DCFO may have dotted line responsibilities for the Human Resources and Bank Operations departments in the company.

Knowledge, Skills And Abilities

- Ability to apply financial research techniques and interpret the results to conduct comprehensive evaluations of vast amounts of data, and to make presentations in a concise, and clear manner.
- Proven track record with developing capital and strategic plans that have been approved by a Board of Directors and the regulatory body for the company.
- Knowledge of applicable federal, state, local, and company-specific regulations, policies, and guidelines affecting business practices.
- Preferred knowledge of Jack Henry core financial systems and Sageworks platforms for Finance and Credit Risk Management.

Pivotal Experience & Expertise

The DCFO must possess exceptional leadership qualities and management capabilities and have a demonstrated track record of leading people to perform. The DCFO must have a minimum of fifteen to twenty years of increasingly responsible experience across all financial functions, having worked in fast paced, sophisticated and complex businesses to include financial institutions, banks, or other highly regulated platforms who have undergone significant change and transformation.

The Ideal Candidate Must Also Bring The Following Qualifications

An undergraduate degree in finance or accounting is ideal; an advanced degree (MBA) and/or accounting certification (CPA, CMA, CA) is preferred.
At least 8 years of experience, at increasing levels of responsibility, in community banking, preferably in the tri-state region (New York, New Jersey, Connecticut); a prior working relationship with the OCC or FDIC required; experience with public company and SEC reporting required.
10 years of practical experience in the field, e.g., prior bank CFO and/or practicing accountant, with current and detailed knowledge of critical accounting policies including GAAP, FASB rules/guidelines; SEC and FDIC/OCC filings; Sarbanes-Oxley or FDICIA.
Demonstrated “presence” and excellent communication skills, written and verbal, consistent with working with a Board of Directors and executive management team, while representing the Company before its most significant external constituents (e.g., external auditors, regulators, and stockholders).
A seasoned business leader and financial executive with a reputation for operating with the highest ethical standards.
Familiarity with accounting systems/software, including Cognos, ProfitStars, Sageworks.
Immediately credible and respected amongst peers and the broader financial community.
Ability to build high performing teams and be a champion and curator of strong culture.
Superb communication skills and proven experience dealing with analysts, regulatory and rating agencies, and the press.
Knowledge of treasury; the ability to assess and make recommendations on how to structure the balance sheet.
A strategic thinker with exceptional technical skills, analytical ability, superb judgment, and strong operational understanding of financial products and risk.
Ability to analyze and interpret complex and multifaceted issues and present their findings clearly and succinctly.
Deal experience and a passion for corporate finance/M&A. Ability to guide M&A strategy, including conceptualizing, synthesizing, negotiating transactions, and leading integration activities.
Strong personal leadership qualities; a track record of recruiting, motivating, and developing "A" talent.
Success working within fast paced sophisticated organizations and effective in building relationships with peers, direct reports, and other business leaders, including the Board.
Ability to adapt and be comfortable leading in a dynamic environment with competing priorities undergoing significant change

LEADERSHIP CAPABILTIES

An "own it" attitude; a "doer" comfortable in a lean, informal, and free flowing environment; solves problems collaboratively through open and constructive discussion. Proactive and is comfortable wearing many hats.
Entrepreneurial; Scrappy; Motivated and experienced to deliver transformation / turnarounds
Data-driven and biased for action. Able to make quick, calculated decisions with confidence.
Provide a strong point of view as a key member of the senior executive team. Provide strategic vision and tactical execution to enhance revenue growth.
Highly motivated; brings a high level of enthusiasm and energy; wants to win. Brings a scrappy attitude and is unafraid to roll up his/her sleeves and dive into the details.
"Obsessed" with the customer experience, understanding that customer trust in the brand is mission critical.
Team-builder; seeks to hire those "smarter" than themselves and never settles for less. Focused on developing internal talent and creating pathways for growth.
Speaks up; unafraid to challenge/be challenged. Has zero ego, and is honest and authentic. Has a keen ability to foster productive discussion and debate.
Flexible; embraces change and has the ability to adapt. Can deal effectively with different personalities.
Exhibits a stable personality, is able to give and take constructive criticism and demands high performance from both him/her and colleagues.

Salary Range: $150,000 - $225,000

Carver Federal Savings Bank

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Deputy Chief Financial Officer (“DCFO”)