Full-Time
Deposit Operations Specialist
Servbank
11-50 employees
Retail bank offering loans and subservicing
Compensation Overview
$18.50 - $23.47/hr
Hoopeston, IL, USA
In Person
Bachelor's
 Finance & Banking (1) |
|---|
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- A high school diploma or equivalent is required.
- Working knowledge of wire processing, Automated Clearing House rules, check processing, exception handling, and general deposit operations procedures is required.
- An understanding of applicable regulations and industry guidance, including National Automated Clearing House Association rules, Regulation CC, Regulation E, and bank security procedures, is required.
- Proficiency in core banking systems and Microsoft Office applications is required.
- Strong attention to detail and accuracy is required.
- Analytical thinking and problem-solving skills are required.
- The ability to manage sensitive information with discretion is required.
- Strong organizational and time management skills are required.
- Effective written and verbal communication skills are required.
- The ability to work independently and collaboratively in a fast-paced environment is required.
- A commitment to compliance, risk awareness, and operational excellence is required.
- Process incoming and outgoing wire transfers, Automated Clearing House transactions, and check-related items accurately and within established deadlines.
- Review transactions for completeness, proper authorization, compliance with internal controls, applicable banking regulations, and operating procedures.
- Perform daily item processing activities, including exception handling, returns, adjustments, research, and balancing for wires, Automated Clearing House transactions, and check transactions.
- Conduct fraud review of deposit operations activity by monitoring suspicious transactions, identifying unusual patterns, and escalating concerns in accordance with bank policy.
- Investigate potential fraud cases involving wires, Automated Clearing House transactions, checks, and related deposit transactions; document findings, coordinate follow-up, and support loss mitigation efforts.
- Research and resolve transaction discrepancies, customer inquiries, and operational issues in a timely and professional manner.
- Perform servicing and maintenance activities for deposit accounts and related services, including updates, changes, corrections, and routine account maintenance requests in accordance with established procedures.
- Maintain accurate records, audit trails, and supporting documentation for transaction processing, investigations, and exception resolution.
- Partner with fraud, risk, compliance, treasury management, retail operations, and customer support departments to resolve issues and improve processes.
- Assist with report monitoring, daily reconciliations, and control reviews to ensure operational accuracy and completeness.
- Support procedure updates, testing, and process improvement initiatives related to deposit operations and fraud mitigation.
- Stay current on applicable regulations, payment rules, and internal policies related to wires, Automated Clearing House transactions, check processing, and fraud prevention.
- Perform other duties as assigned to support departmental and organizational objectives.
- An associate or bachelor's degree in business, finance, or a related field is preferred.
- Experience in deposit operations, treasury operations, bank operations, or a related financial services role is preferred.
- Experience with fraud review, transaction monitoring, investigations, or operational risk controls is preferred.
1) What it does: Servbank is a financial institution that provides personal banking services (checking, online and mobile banking) and loan services, including mortgage-related offerings, with additional subservicing services for other lenders. 2) How its products work: Customers access accounts via online and mobile apps to manage checking, transfers, and payments. The bank originates and services loans, earning interest, banking fees, and servicing fees. Subservicing means it handles loan administration on behalf of other lenders under separate agreements. 3) How it differs from competitors: It combines local roots (Phoenix-based presence) with national reach through digital channels, and adds a B2B subservicing capability for other lenders alongside consumer banking. 4) The goal: to provide accessible personal banking nationwide while efficiently managing loan servicing for external lenders, supporting homeowners and individual customers.
Company Size
11-50
Company Stage
Debt Financing
Total Funding
$90M
Headquarters
Oswego, Illinois
Founded
1994
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Simplify's Take
What believers are saying
- August 2026 raised $90 million subordinated debt for acquisitions and expansion.
- March 2026 IF Bancorp acquisition expanded Illinois footprint and added branch relationships.
- July 2026 SBA PLP status and All Western Mortgage client win deepen origination and B2B channels.
What critics are saying
- April 2026 class action targets IF Bancorp merger disclosures in Illinois federal court.
- Integration of Iroquois Federal runs through Q4 2026, risking customer attrition and conversion errors.
- Mortgage subservicing concentration around $55.6 billion UPB makes servicing failures existential.
What makes Servbank unique
- Only subservicer publicly posting monthly performance metrics, updated June 2026.
- National bank with mortgage servicing, deposit, lending, and B2B subservicing under one platform.
- Morningstar DBRS rated Servbank BBB(high) in August 2026, unusual for a smaller bank.
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Benefits
Health Insurance
Paid Vacation
Paid Sick Leave
Performance Bonus
Company News
ServBanc Holdco, Inc., parent company of Servbank, National Association, has raised $90 million in growth capital through an oversubscribed private placement that closed on 13 August 2026. The offering attracted over 45 investors, including banks, insurance firms, and institutional investors. The funds consist of 7.00% Fixed-to-Floating Rate Subordinated Notes, qualifying as Tier 2 regulatory capital. Interest will remain fixed for five years before transitioning to a floating rate. ServBanc plans to use the capital for acquisitions and operational expansion. As of mid-2026, the company manages approximately $1.7 billion in assets. Its mortgage subservicing platform handles about $55.6 billion in unpaid principal balances across more than 200,000 customers nationwide. Performance Trust Capital Partners facilitated the offering, with legal representation from Hunton Andrews Kurth.
ServBanc Holdco, Inc. completes acquisition of IF Bancorp, Inc. OSWEGO, Ill., March 12, 2026 /PRNewswire/ - ServBanc Holdco, Inc. ("ServBanc"), the holding company for Servbank, National Association ("Servbank") and IF Bancorp, Inc. ("IF Bancorp") (NASDAQ: IROQ), the holding company for Iroquois Federal Savings and Loan Association ("Iroquois Federal"), jointly announce today the closing of ServBanc's acquisition of IF Bancorp and Iroquois Federal. ServBanc is led by Stavros Papastavrou, Chairman of the Board, a seasoned financial services executive with decades of industry experience. Mr. Papastavrou provides strategic leadership and oversight as ServBanc and its subsidiary bank, Servbank, continue to focus on sustainable growth and operational excellence. Headquartered in Oswego, Illinois, the completion of this acquisition expands Servbank's financial footprint further in the Illinois market. "This acquisition represents a strategic step forward as Servbank continues to grow its presence. We are excited to collaborate with the Iroquois team, whose deep community roots and customer-focused approach align closely with our own. Together, we will build on that foundation to support our communities and strengthen the organization for the future," said Mr. Papastavrou. "At its core, this acquisition is about people- our customers, our employees, and the communities that rely on us. By coming together, we are strengthening our ability to serve while preserving the relationship-driven, community-focused approach that has always defined Iroquois Federal. We look forward to growing with the Iroquois Federal team, entrenching our commitment to the communities, and providing best in class service to our customers," said Servbank CEO, Donald Satiroff. The long-term strategic plan for Servbank's acquisition of Iroquois Federal includes integration of the established and recognized Servbank subservicing platform, including technology and personnel. In connection with the acquisition, the Servbank board of directors has appointed Walter "Chip" Hasselbring III, as a director to its board, effective as of March 12, 2026. Mr. Hasselbring previously served as the CEO and Chairman of the board of directors for Iroquois Federal. Former branch offices of Iroquois Federal will continue operating under the name, "Iroquois Federal Savings and Loan Association, a division of Servbank, N.A." until the customer and data conversion is completed, which is anticipated to occur in the fourth quarter of 2026. Performance Trust Capital Partners, LLC served as financial advisor and Hunton Andrews Kurth LLP served as legal counsel to ServBanc Holdco, Inc. Keefe Bruyette & Woods, Inc., a Stifel Company, served as financial advisor and Luse Gorman, PC served as legal counsel to IF Bancorp, Inc. About ServBanc Holdco, Inc. ServBanc is the parent company of Servbank, a national banking association focused on delivering relationship-based banking solutions supported by modern technology and strong regulatory governance. Servbank provides a full suite of deposit, lending, and financial services to individuals, businesses, and institutional clients, with an emphasis on stability, compliance, and long-term value creation. Through its banking platform, Servbank supports strategic growth initiatives while maintaining a disciplined approach to risk management and customer service, aligning innovation with the strength of a regulated financial institution. As of December 31, 2025, ServBanc had, on a consolidated basis, total assets of $995 million, deposits of $600 million, and total equity capital of $210 million. Forward-Looking Statements This press release contains forward-looking statements, including, but not limited to, statements regarding the business of ServBanc, IF Bancorp and other matters. Any statements about its expectations, beliefs, plans, predictions, protections, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking statements. Forward-looking statements are typically, but not exclusively, identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends" "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance and actual results may differ materially from those expressed or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and The AI Journal Ltd. undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. Servbank N.A. NMLS #203463. Equal Housing Lender. Member FDIC. SOURCE Servbank
/PRNewswire/ -- ServBanc Holdco, Inc. ("ServBanc"), the holding company for Servbank, National Association ("Servbank") and IF Bancorp, Inc. ("IF Bancorp")...