Position Summary
The Chief Financial Officer (CFO) is responsible for the overall financial management, planning, and performance of the bank. As a key member of the executive team, the CFO provides strategic financial guidance, establishes the foundation for sound fiscal management, maintains regulatory compliance, and supports the long-term growth and stability of the organization. This role is both strategic and hands-on, overseeing accounting, reporting, budgeting, asset/liability management, and operational finance and deposit functions.
Key Responsibilities
Financial Management & Reporting
- Direct all Accounting and Finance activities, including general ledger, accounts payable/receivable, and financial reporting.
- Prepare and present accurate, timely financial statements and management reports to executive management and the Board of Directors.
- Promote and establish procedures for compliance with GAAP, regulatory, and tax reporting requirements.
- Oversee the preparation of quarterly Call Reports and other regulatory filings.
- Manage the external audit and examination process.
Strategic & Budgeting Leadership
- Collaborate with the CEO and Board on strategic planning and growth initiatives.
- Lead the bank’s annual budgeting and forecasting processes.
- Provide financial analysis and recommendations to improve profitability, efficiency, and capital utilization.
- Support new product, branch, or technology investments with financial modeling and ROI analysis.
Asset/Liability & Treasury Management
- Serve as chair or key member of the Asset/Liability Committee (ALCO).
- Monitor and manage liquidity, interest rate risk, and funding concentrations.
- Oversee the investment portfolio, correspondent banking relationships, and borrowing lines.
- Support loan pricing, funding strategy, and balance sheet optimization.
Capital & Regulatory Oversight
- Maintain the bank’s capital plan and monitor compliance with capital adequacy standards.
- Prepare capital projections and stress testing as appropriate.
- Coordinate with regulators, auditors, and external advisors as needed.
- Establish protocols for adherence to internal controls and risk management policies.
Operational & Leadership Responsibilities
- Supervise Deposit Operations, Accounting and Finance personnel, promoting accuracy, efficiency, and development within the team.
- Oversee key vendors and systems supporting finance and operations (core accounting, ALM software, etc.).
- Partner with Deposit and Loan Operations and IT leadership to improve processes and reporting capabilities.
- Support shareholder and Board communications, including financial updates and planning discussions.
Qualifications
- Bachelor’s degree in Accounting, Finance, or related field required; CPA strongly preferred.
- Minimum 8–10 years of progressive experience in banking or financial services, with at least 3–5 years in a senior finance or controller role.
- Strong working knowledge of community bank accounting, GAAP, and regulatory reporting (Call Reports, FR Y-9 if applicable).
- Experience with ALCO, liquidity management, and interest rate risk modeling.
- Proven leadership, communication, and team development skills.
- Ability to work effectively in a collaborative, community-focused environment.
Performance Measures
- Timely, accurate financial and regulatory reporting.
- Effective management of capital, liquidity, and interest rate risk.
- Budget accuracy and contribution to strategic objectives.
- Successful audit and examination outcomes.
- Staff performance and department efficiency.
Benefits
First Bank & Trust Co. of Illinois offers a compensation package commensurate with experience, including competitive base salary, performance-based incentives, and a comprehensive benefits package featuring healthcare, paid time off, and 401(k) participation.
About First Bank & Trust Co. of Illinois
For over 60 years, First Bank & Trust Co. of Illinois, based in Palatine, IL, has provided personalized banking and lending solutions to businesses nationwide. Our focus on commercial refinancing, acquisition, and bridge lending opportunities is grounded in the values of community, integrity, and relationship-driven service that make our clients feel like family.
