The VP Financial Reporting is responsible for overseeing the day-to-day management of the Banks' accounting and reporting for the investment securities activity for CFG and subsidiary companies, and for overseeing a variety of accounting functions relating to the mutual holding company and eight subsidiaries including intercompany transactions. The position also oversees the financial reporting function of the department to regulatory agencies, board of directors and bank management. Acts as the technical expert on accounting requirements for the department and the Bank. Participates with the Controller in the overall management of accounting matters and accounting related projects of the Bank.

Key Result Areas: 

  • Oversee the accounting for investment securities transactions.
  • Settling all security transactions for the bank and its subsidiaries and verify such transactions with the bank's safekeeping agent and investment management consulting firm.
  • Oversee the preparation of input documentation for all security transactions for entry into the investment accounting system.
  • Maintain current records of securities transactions and market valuations.
  • Reconciliation of investment balances from sub system to General Ledger and safekeeping reports.
  • Communicating securities transaction exceptions to CFO and Board.
  • Responsible for the overall management of the Investment System for the bank and its subsidiary companies. This includes report generation and overall system maintenance.
  • Manage the accounting functions related to the mutual holding company and eight subsidiaries.
  • Oversee the intercompany accounting process from transaction processing through reporting.
  • Prepare subsidiary company information for reports to state and federal regulatory agencies.
  • Manage the preparation of general ledger entries, month-end accruals and intercompany consolidation for the mutual holding company and subsidiaries.
  • Manage the preparation and distribution of monthly reporting for all subsidiary company activity to senior management, including Board reports, budget reports, etc.
  • Interact with senior and middle management to verify inter-company transaction information on a regular basis.  
  • Oversee the accounts payable process for all subsidiary companies.
  • Oversee the preparation of reports for monthly Directors meetings and annual audited financial statements.
  • Oversee the accounting and processing of new borrowings and payments from the Federal Home Loan Bank and other banks or brokers.
  • Prepare various regulatory reports, including but not limited to the quarterly FDIC Call Reports, the annual assessment report to the Commissioner of Banks, quarterly Federal Reserve reports and annual DIF report. Ensures accuracy, timely filing and compliance with regulations.
  • Oversee or perform accounting for various executive benefit plans and BOLI.
  • Act as liaison with third-party software vendors such as IDC (securities pricing & ratings) and Jack Henry (call report software) and IPA (investment system software)
  • Responsible for the ongoing updates to the Finance department operating procedures and Finance portion of the department’s Disaster Recovery Plan and act as an alternate Team Leader for Finance.
  • Oversee the FDICIA testing process and maintain the FDICIA cycle controls for the department.
  • Advise and assist other departments in accounting related issues.
  • Act as backup for department representative at various committee meetings.
  • Contribute to the effective team management of all bank problems, issues and opportunities.
  • Perform additional duties as required.


  • Bachelor’s degree or equivalent in accounting.
  • Four to ten years’ experience in a senior level accounting position in a banking environment.
  • Investment accounting and financial reporting experience preferred.
  • Minimum of five years’ of management experience.  
  • Strong knowledge of accounting theory and principles required, CPA designation a plus.  
  • Good communication and interpersonal skills.  
  • Strong computer skills and analytical skills.
  • Knowledge of IPA investment software preferred, but not required.

The above description covers the most significant day-to-day responsibilities associated with this position, but it is expected that other occasional responsibilities and accountabilities the inclusion of which would be in conformity with the essential purpose of this position will arise from time to time in the ordinary course.

About Cambridge Savings Bank:

Cambridge Savings Bank is a full-service financial institution with approximately $3.4 billion in assets that is committed to improving the quality of life in the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton, and Watertown.