Cross River Bank

Cross River Bank, Inc. is an American state-chartered commercial banking corporation, headquartered in Fort Lee, New Jersey. The bank which is an FDIC member and an equal housing lender operates under a New Jersey charter.[8]

Cross River Bank, Inc.
Private
IndustryBanking, Financial Services, Financial Technology[1]
Founded2008[2]
HeadquartersFort Lee, New Jersey, U.S.
Key people
  • Gilles Gade: CEO[3]
  • Melissa Ballenger: CFO[4]
  • Arlen Gelbard: EVP, General Counsel
  • Phil Goldfeder: SVP, Public Affairs[5]
  • Phillip Riese: Board Director
  • Scott Tobin: Board Director
ProductsConsumer banking
Commercial banking
Community banking
Total assets$2.06 billion (April 2020)[6]
Number of employees
300 (2020) [7]
Websitewww.crossriverbank.com

History

Cross River Bank was founded in 2008,[2] by French-born entrepreneur Gilles Gade.[9]

In 2019, Cross River received tax credits from the New Jersey Economic Development Authority to expand its operations.[10]

Operations

The bank focuses on traditional community banking activities, taking deposits and making loans. The bank originates loans for marketplace lenders and processes payments, and is known for its roster of clients in emerging fintech sectors.[11][12][13] As of April 2020, the bank has assets of approximately $2.06 billion and had more than 300 employees at its branch office and corporate headquarters in New Jersey.[14][6][7] During the COVID-19 pandemic, the bank was one of the nation’s top lenders under the CARES Act’s Paycheck Protection Program, originating $4.7 billion in loans to more than 106,000 American small businesses.[15][16]


On November 1, 2016 Cross River Bank announced it had completed a $28 million growth-equity investment led by investment firm Battery Ventures, with participation from Andreessen Horowitz and Ribbit Capital.[14][17][18]

Services

In addition to its headquarters, the bank has a New York City office, a branch in Teaneck and ATMs in Brooklyn and Monsey, New York.

The bank offers direct lending and marketplace lending processed through different peer-to-peer lending portals,[19]

In October 2015, Cross River Bank announced a $100 million securitization with Marlette funding.[20][21]

In 2014, Cross River Bank collaborated with Ripple to offer instant payments between the U.S. and Western Europe.[22][23][24] In 2019, the bank announced that it was joining The Clearing House’s real-time payments system.[25]

References
  1. Nair, V. (12 January, 2018) "How Banking-as-a-Platform Propels Cross River Bank". Knlowledge @ Wharton. Retrieved 22 July 2020.
  2. "Company Overview of Cross River Bank, Inc". Bloomberg News. Retrieved 23 November 2015.
  3. "How Bank Partnerships with Marketplace Loan Platforms Really Work". American Banker. 24 February 2015. Retrieved 23 November 2015.
  4. Bader, E. (16 July, 2019)"Cross River names Ballenger its new CFO". roi-nj.com. Retrieved 4 May 2020.
  5. McDonough, A. (27 January, 2020)"Talking FinTech with Cross River Bank's Phil Goldfeder". City & State. Retrieved 28 June 2020.
  6. Institution Directory Search "FDIC Details and Financials, "Cross River"". Federal Deposit Insurance Corporation. Retrieved 4 May 2020.
  7. Perry, J. (19 March, 2020). "Cross River invests in employee, consumer initiatives amid COVID-19". NJBIZ.com. Retrieved 4 May 2020.
  8. "Company Overview of Cross River Bank, Inc". Bloomberg News. 23 November 2015.
  9. "French-born Gilles Gade finds home at the Cross River Bank in Teaneck". NJ.com. 28 July 2009. Retrieved 23 November 2015.
  10. https://www.nj.com/bergen/2019/03/tech-bank-expanding-in-nj-hiring-for-250-jobs.html
  11. Rooney, K. (19 February, 2020) "Small banks you've never heard of are quietly enabling the tech takeover of the financial industry". CNBC. Retrieved 29 June 2020.
  12. Weinstein, M. (17 October, 2019) "Cross River Marries Community Banking with Cutting-edge Fintech, Exec Says at Propelify". NJ Tech Weekly. Retrieved 29 June 2020.
  13. Zuluaga, D. (22 June, 2020) "Paycheck Protection Program: Who Lent to Whom, and Where?". Cato Institute. Retrieved 7 July 2020.
  14. "Venture Capitalists Get Radical and Invest in a...Bank". The Wall Street Journal. 1 November 2016.
  15. Conley, S. (23 June, 2020) "The Tiny Bank That Got Pandemic Aid to 100,000 Small Businesses". The New York Times. Retrieved 28 June 2020.
  16. Small Business Administration (20 June 2020). Paycheck Protection Program (PPP) Report (PDF) (Report). p. 7. Retrieved 28 June 2020.
  17. "Why Giants of Silicon Valley Invested in a Community Bank". American Banker. 1 November 2016.
  18. Mannes, John (1 November 2016). "Cross River Bank Gets Unconventional Validation". TechCrunch.
  19. "The Federal Reserve Is Worried That Small Online Lenders Might Be a Problem". 30 September 2015.
  20. "Cross River Bank and Marlette Funding Close $100 Million Securitization Transaction". Lend Academy. 2 October 2015.
  21. "Marlette Funding Brings Best Egg Personal Loans to the General Public". Yahoo Finance. 28 January 2015.
  22. "Ripple Signs First Two U.S. Banks to Bitcoin-Inspired Payments Network". The Wall Street Journal. 24 September 2014.
  23. "Breaking the bank: Fintech and financial institutions square off in fight for relevancy". South China Morning Post. 26 October 2015.
  24. "Cross River Bank to Integrate Ripple for Real-Time International Payments". Market Wired. 24 September 2014.
  25. Hernandez, W. (20 September, 2019) "Cross River makes jump to real-time payments. Will other small banks follow?". American Banker. Retrieved 28 June 2020.
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