Specialty Business Banking Associate

Description

CORE VALUES: Park State Bank’s Core values are GROWTH, TEAMWORK, RESPONSIVE, TRANSPARENT, and INNOVATIVE. We endeavor to live by these values in all that we do!

MISSION: The mission of Park State Bank is to deliver exceptional client service, strategic banking solutions and a community-friendly experience.

POSITION SUMMARY:

The Specialty Business Banking Associate will be an integral part of Park State Bank’s specialty business development. This role will be the frontline liaison between Park State Bank and cannabis-related businesses, providing unparalleled service and support. The Specialty Business Banking Associate is responsible for providing exceptional customer service to clients within the cannabis industry. This role primarily involves assisting clients with their banking needs, addressing inquiries, resolving issues, and ensuring compliance with regulatory requirements specific to the cannabis sector. It may also serve to grow this new banking sector through attending industry or legislative events, learning about and creating business opportunities.

PRIMARY RESPONSIBILITIES AND ACCOUNTABILITIES:

• Client Support: Serve as the primary point of contact for cannabis industry clients, addressing their inquiries and requests promptly and professionally.

• Account Management: Assist clients with opening and managing accounts, including guiding them through the application process, explaining account features, and ensuring compliance with regulatory requirements. Provides key support by maintaining a client focus with an awareness and understanding of implementing products and services.

• Compliance Oversight: Ensure adherence to all regulatory requirements related to cannabis banking, including Customer Identification Program (CIP) (BO) procedures, Know Your Customer (KYC), Anti-Money Laundering (AML) regulations, and the Bank Secrecy Act (BSA). Maintain a thorough understanding of regulatory guidelines and compliance requirements specific to the cannabis industry, ensuring that all banking activities adhere to legal and institutional standards. Collaborating with the Compliance Department and BSA Officer to navigate the unique challenges of the cannabis industry within the financial sector.

• Risk Management: Manage all regulatory license requirements through bank defined operating systems. Complete client site visits on an ongoing basis. Work with BSA Analyst to ensure that client risk, compliance alerts and data points are addressed.

• Relationship Building & Cross-Selling: Cultivate strong relationships with cannabis industry clients, demonstrating empathy, integrity, and a commitment to their success while fostering trust and loyalty. Responsibilities include identifying new business opportunities, managing client portfolios, and identifying opportunities to promote additional banking products and services that align with the needs and goals of cannabis businesses.

• Team Collaboration: Collaborates closely with the Cannabis Related Business team. This includes but is not limited to the banks CRB Officer, Business Banking, Compliance department and Operations.

• Specialty Banking Education: Develop and maintain knowledge necessary to have a thorough understanding of the cannabis industry and banking. This includes but is not limited to attending seminars, educational training and webinars, & networking events and industry expos on an as needed basis.

SECONDARY RESPONSIBILITIES AND ACCOUNTABILITIES:

Acts as support and back-up to the Business Banking Associate department. Performs all activities related to the opening, closing, and servicing of various types of time and demand deposit accounts; including certificates of deposits, checking accounts, and savings accounts. Perform a wide range of services including, servicing and maintenance for, debit cards, CDs, HSAs, IRAs, safe deposit boxes, including address changes, stop payments, transfers, and processes check orders.

• Handles basic to intermediate Treasury Management related problems and delegate more complex issues to the appropriate channel.
• Initiate wire transfers. Ensures applicable regulations, disclosures, policies, and procedures are followed and is trained on depository compliance regulations.
• May process client transactions such as loan payments and cashier’s checks.
• May assist with overseeing Merchant Card Processing portfolio for existing and new clients.
• May function as a point person for client on suspect