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.

History

Cross River Bank was founded in 2008, by French-born entrepreneur Gilles Gade.
In 2019, Cross River received tax credits from the New Jersey Economic Development Authority to expand its operations.

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. 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. 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.
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.

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,
In October 2015, Cross River Bank announced a $100 million securitization with Marlette funding.
In 2014, Cross River Bank collaborated with Ripple to offer instant payments between the U.S. and Western Europe. In 2019, the bank announced that it was joining The Clearing House’s real-time payments system.