Escrow Operations Specialist I

Peapack Private Bank & Trust is a well-recognized, high-performing boutique bank; a leader in wealth, lending and deposit solutions, capable of providing the most sought-after products and services that fulfill all of our clients' needs. We offer an innovative approach to private banking to help clients establish, maintain and expand their legacy.

What makes Peapack Private different from our competition? We are an institution that's over 100 years old that has always believed in putting the well-being and needs of our employees and our clients first. We are proud to be recognized for the sixth consecutive year, by American Banker as one of the 'Best Bank to Work For' across the nation. Our secret sauce in one word is our 'culture'. We value a diverse, equitable, inclusive and safe workspace. Our one-team culture goes to great lengths to show all employees that they are valued members of the team. We treat each other as family, and as such, communicate throughout the Bank in a transparent and frequent manner, respect and value feedback from all levels and operate with a philosophy of hospitality and general human kindness.

There are multiple ways to build relationships and get involved; from joining one of our Cultural Ambassador Sub-Committees focused on our Wellness, Employee Fun, Diversity & Inclusion, or Environmental Awareness, to involvement in multiple community service activities through our Volunteerism outreach, to joining LIFT (a committee focused on enriching the lives of women - Leading Inspiring Females Together). Said quite simply, the culture is amazing!

Position Summary

The Escrow Operations Specialist plays a critical role in supporting the bank's escrow services by managing the daily operations of escrow accounts, ensuring regulatory compliance, and delivering exceptional service to internal and external clients. This position requires strong attention to detail, knowledge of banking regulations, and the ability to work collaboratively across departments.

Responsibilities:

Escrow Account Management

• Processes all daily work related to escrow accounts including daily posting of entries, daily calculation of interest, daily preparation of reports and daily proof
• Support Escrow products including: IOLTA, IOLA, Municipal, Landlord Tenant, 1031 Exchange, Title Companies, and Attorney Trust accounts
• Update/open new sub accounts. Process disbursements, and adjustments accurately and timely.
• Assists Escrow Sales in onboarding and training new client relationships
• Monitor client account activity to ensure proper funding and compliance with escrow agreements.
• Assists Escrow Operations Manager with month end reconciliations, IOLTA and IOLA remittances

Compliance & Risk Management

• Assist with internal and external audits by preparing documentation and responding to inquiries.
• Maintain accurate records and ensure proper documentation for all escrow activities.

Client & Stakeholder Support

• Serve as a point of contact for clients, attorneys, title companies, and internal departments regarding escrow-related inquiries.
• Provide timely updates and resolve issues related to escrow accounts and transactions.
• Collaborate with banking teams to ensure seamless operations.

Qualifications:

• High School Diploma required; associate or bachelor's degree preferred.
• Minimum of 1-2 years of related banking experience preferred.
• Experience in banking operations, escrow services, or treasury management a plus.
• Strong analytical and problem-solving skills.
• Excellent communication and interpersonal abilities.
• Proficiency in Microsoft Office and banking software platforms.
• Ability to manage multiple priorities in a fast-paced environment

Benefits Overview:

We offer a competitive compensation package, a generous paid time off program, comprehensive medical, dental and vision coverage, maternity/paternity leave, a hybrid work environment (for most roles), education reimbursement, wellness programs and more. We also offer participation in an Employee Stock Purchase Program and a 401K with a generous match.

The approximate pay range for this position is $48,063 to $51,000, plus an opportunity to earn performance-based incentives. Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills and abilities, as well as geographic location.

Note: Incentives and/or benefits packages may vary depending on the position.