VP, Finance

Watertown Savings Bank - Watertown, MA (30+ days ago)3.9

Watertown Savings is a $1 billion mutual savings bank. The bank is a leader in community involvement, provides world class service to its customers, and offers a friendly, professional work environment. Watertown Savings has been voted the Regional Gold Award for Best Community Bank for eight consecutive years.

Under the direction of the CFO, this position will oversee the Bank’s Finance operations team and be responsible for coordinating the Bank’s operating and capital expenditures budgets, financial planning and cash management; participate in the management of the Bank’s investments portfolio and advise on salary/financial budget changes. This individual will prepare annual audited financial statements, tax returns, variances, regulatory and board/executive financial reporting. They will run the monthly Asset/Liability Management and budget modeling and oversee the loan loss reserve adequacy parameters. Develop and maintain accounting best practices.

Primary Responsibilities:

  • Oversee the Finance Department’s operations.
  • Responsible for the performance of the Accounting Manager including, supervising, motivating, and coaching
  • Oversee/Prepare monthly/quarterly/annual financial statements for the Bank and subsidiaries ensuring integrity and accuracy.
  • Supervise/Prepare Bank’s annual audited financial statements interfacing with Bank’s external auditor and work with external auditors to prepare and file required tax returns and payments. Manage tax asset and liability accounts.
  • Manage the Bank’s annual operating and capital expenditures budgets process and related reporting; monitor results and investigate material variances.
  • Run/Co-ordinate Asset/Liability Management and budget modeling.
  • Manage the timely preparation and filing of regulatory reports and adhere to recordkeeping requirements and act as the liaison with the Bank’s internal auditor including managing information requests and comments.
  • Responsible for the review/change in internal controls as needed and participate in annual update of controls over financial reporting.
  • Under the direction of the CFO, participate in the management of the Bank’s investments portfolio and all related reporting and prepare materials for Board of Trustees, Board of Investment, Risk Management Committee and Audit Committee meetings.
  • Assist in managing the Bank’s various insurance policies, coordinate renewals and monitor activity
  • Monitor/Oversee loan loss reserve adequacy calculations/parameters.
  • Stay current on changes in Accounting Standards, implement as needed
  • Maintain a constant working relationship with all levels of the Bank.

The VP of Finance will work closely with executive management to ensure appropriate financial systems have been put in place and are constantly followed.

Position Requirements

  • Bachelor's degree in business, finance management or related field is required.
  • Minimum of 10 years of banking experience
  • Minimum of 5 years of Treasurer Level experience.
  • Strong working knowledge of investments
  • Proficiency with Word, Excel and PowerPoint as well as ability to learn and adapt to internal bank systems.
  • Ability to pay attention to detail and multi-task.
  • Strong organizational, problem solving, presentation and communication skills.
  • Establish and maintain professional and effective working relationships with other WSB employees and customers and commitment to delivering superior customer service.
  • Represent Bank within community by participating in various business, civic and service organizations

We offer a competitive compensation and benefits package including Medical, Dental & Life Insurance, a 401k with 6% company match, Employer Sponsored Pension Plan, Tuition assistance, onsite parking and an on-site fitness area.

Watertown Savings Bank is an Equal Opportunity Employer of women, minorities, protected veterans, and individuals with disabilities.

Member FDIC / Member DIF

Job Type: Full-time

Salary: $122,000.00 to $160,000.00 /year


  • finance: 10 years
  • treasurey: 5 years
  • banking: 5 years


  • Bachelor's