At Stearns Bank, we’re helping people, entrepreneurs, small businesses, and local communities nationwide reach their full financial potential. Sound like something you want to be a part of? If so, we’re currently looking for an In-House Counsel. This is a connected work environment.

Come see how we’re doing business unusual and charting our own path to reimagine a more inclusive financial services and banking ecosystem for all.

BENEFITS

Stearns Bank understands and respects that everyone is managing unique career, family, and wellness needs. That’s why we offer industry-leading benefits to employees to help them live healthy lives and bring their full selves to work every day. Benefits may vary for part-time positions. Some of those benefits include:

Employee Stock Ownership Plan & 401k Plan
Healthcare (Medical, Dental, Vision, Telehealth, Life insurance)
12-week Paid Parental Leave and Medical Leave: With a cap of 20 weeks for eligible team members who qualify for both Medical and Parental Leave related to the birth of a child.
$5,000 Family Care Reimbursement: Childcare, Elder Care, Student Loan Debt, Pet expenses, Down Payment Assistance
PTO from 13 to 23 days depending on tenure. Cashout and Carryover options
10 Days Sick Time
11 Paid Holidays
4 Days Volunteer Time
2 Days Self Allowance Time
Tuition Assistance

For this position, we anticipate a salary range between $135,000 - $177,000. Final employment offers will be dependent upon the selected candidate’s relevant qualifications and experience.

JOB SUMMARY

Bank is seeking an experienced and motivated In-House Counsel to join its internal Legal team. The ideal candidate will possess a minimum of 5 years of relevant experience to support commercial banking operations, distressed loan management, litigation, and transactional matters. You will work closely with the Bank’s in-house counsel, external counsel, the Bank’s Credit and Special Assets teams, and the Bank’s executive management to protect the Bank’s financial interests, manage risk, navigate complex debtor defaults, and assist with general corporate and transactional matters as needed.

RESPONSIBILITIES

Commercial Loan Workouts & Debt Restructuring

Provide legal advice on criticized, classified, nonperforming, and distressed loans, including commercial and industrial, commercial real estate, construction, equipment finance, and asset-based lending relationships.
Partner with Legal, Special Assets, and Credit teams to develop workout strategies based on repayment prospects, collateral support, guarantor strength, and available enforcement options.
Structure, negotiate, draft, and review forbearance agreements, loan modifications, extensions, settlements, discounted payoffs, debt restructurings, and other workout arrangements.
Evaluate enforceability of loan documents, guarantees, liens, and security interests; identify documentation weaknesses and recommend corrective actions.
Advise on borrower and guarantor defaults, cross-default provisions, financial covenant violations, lender remedies, and reservation of rights.
Support negotiations involving additional collateral, guarantor contributions, collateral sales, changes in ownership, and other recovery arrangements.

Litigation, Foreclosure, & Enforcement

Lead the Bank’s legal strategy for loan enforcement, collection actions (including post-judgment enforcement), foreclosure proceedings, guaranty enforcement, and related disputes.
Evaluate litigation risks, recovery prospects, settlement alternatives, estimated costs, and the timing of potential recoveries.
Oversee outside counsel handling foreclosures, receiverships, collateral recovery, lender liability claims, and other credit-related litigation.
Advice on enforcement of security interests, repossession and disposition of collateral, deeds in lieu of foreclosure, and negotiated collateral surrender.
Coordinate legal matters involving Bank-owned real estate including title issues, possession disposition, and associated liabilities.
Manage discovery, document preservation, litigation holds, and responses to subpoenas relating to assigned matters.

Commercial Contracts and Loan Closings

Review, draft, and negotiate commercial loan documentation, loan purchase and sale agreements, vendor contracts, commercial real estate leases and purchase and sale agreements, and other commercial agreements.
Provide legal advice on loan closings, including loan documentation issues, title issues, and loan structuring, and negotiate with opposing counsel as needed.

Bankruptcy and Complex Creditor Matters

Represent the Bank’s interests directly, or through outside counsel, in borrower and guarantor bankruptcies and related proceedings.
Advise on lien priority, preference, competing creditor claims, and potential challenges to the Bank’s security interests.
Review and negotiate intercreditor agreements, subordination agreements, and agreements involving participants and other creditors.
Support complex restructurings involving multiple lending relationships, related entities, and competing sources of repayment.

Risk Management and Business Partnership

Provide practical, timely recommendations that balance legal risk, recovery objectives, and reputational considerations.
Identify potential lender liability exposure, defenses, counterclaims, and risk arising from borrower communications or Bank’s exercised remedies.
Coordinate with internal and external specialists on environmental, title, tax, insurance, and other collateral-related issues.
Review proposed workout and settlement terms for consistency with the Bank’s policies, approval requirements, and legal requirements.
Communicate material legal developments, strategy recommendations, and significant exposures to executive management and committees.

General Operational Support

Support various Bank business units by reviewing and revising existing operational forms and agreements; draft new operational forms and agreements as needed.
Provide day-to-day legal and regulatory guidance on commercial lending policies, Uniform Commercial Code (UCC) compliance, and basic banking operations.

QUALIFICATIONS

Education: Juris Doctor (JD) degree from an ABA-accredited law school.
Licensure: Active member in good standing of the state bar in at least one U.S. state.
Experience: Minimum 5 years of legal experience in a law firm or corporate legal department focusing on creditor’s rights, commercial bankruptcy / restructuring, commercial lending, commercial litigation, or financial services.
Knowledge: Familiarity with Article 9 of the Uniform Commercial Code (UCC), state foreclosure laws, bankruptcy code provisions (Chapters 7 and 11), commercial loan structures, post-judgment enforcement, and federal banking safety and soundness standards.
Skills: Strong analytical, written, and verbal communication skills; ability to successfully manage multiple projects simultaneously and effectively to completion; sound commercial judgment and discretion with confidential bank data; ability to be flexible and adaptive; ability to work effectively both independently and within a team; ability to work effectively within a demanding, deadline-driven environment; detail oriented with excellent organizational skills; positive servant-leadership mindset.

REQUIREMENTS

Occasionally lift and/or move up to 10 lbs.

Literacy in English.

Ability to sit for extended periods of time, twist, bend, sit, walk use hands to twist, handle or feel objects, tools, or controls, such as computer mouse, computer keyboard, calculator, stapler, telephone, staple puller, etc., reach with hands and arms, balance, stoop, kneel, talk, or hear.
Specific vision abilities required by the job include close vision, distance vision, peripheral vision, depth perception and the ability to adjust focus.

THE COMPANY

Founded in 1912, Stearns Financial Services Inc. (SFSI) is a $3.2 billion, independently owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide. Specializing in affordable housing financing, USDA and SBA lending, and small business and equipment financing, Stearns Bank is regularly recognized as one of the country’s top-performing banks and “Best Banks to Work For” by American Banker.

As a Star Tribune Top Workplaces award recipient and an award recipient of the Minnesota Business Magazine 100 Best Places to Work in Minnesota, Stearns takes pride in their team and holds their employees in extremely high regard. We offer a competitive salary and benefit package including our Employee Stock Ownership Program-one of the best long-term incentive programs in the nation. To learn more about Stearns Bank, visit www.StearnsBank.com

EQUAL OPPORTUNITY EMPLOYER /AFFIRMATIVE ACTION PLAN

We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, or creed, religion, sex, marital status, familial status, sexual orientation, national origin, age, disability, veteran’s status, status with regard to public assistance, or any other class protected by Federal, State, local laws governing nondiscrimination in employment.

Stearns Bank NA.

In-House Counsel

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