Cross River Bank

Cross River Bank, Inc.
Private
Industry Banking, Financial Services
Founded 2008[1]
Headquarters New Jersey, U.S.
Area served
 U.S.
Key people
  • Gilles Gade: CEO[2]
  • Geoffrey Kott: CFO
  • Arlen Gelbard: EVP, General Counsel
  • Phillip Riese: Board Director
  • Scott Tobin: Board Director
Products Consumer banking
Commercial banking
Community banking
Total assets $543 million(November 2016)[3]
Number of employees
 110 (2016)
Website CrossRiverBank.com

Cross River Bank, Inc. is a U.S. state-chartered commercial banking corporation, headquartered in Fort Lee, New Jersey, U.S. The bank which is an FDIC member and an equal housing lender operates under a New Jersey charter.[4]

History

Cross River Bank was founded in 2008,[1] by French-born entrepreneur Gilles Gade.[5]

Operations

The bank focuses on traditional community banking activities, taking deposits and making loans. The bank originates loans for marketplace lenders and processes payments. As of November 2016, the bank has assets of approximately $543M, and had more than 110 employees at its branch office and corporate headquarters in New Jersey.[3]

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.[3][6][7]

Services

The bank offers direct lending and marketplace lending processed through different peer-to-peer lending portals,[8]

In October 2015, Cross River Bank announced a $100 million securitization with Marlette funding.[9][10]

In 2014, Cross River Bank collaborated with Ripple to offer real-time international payments between the U.S. and Western Europe.[11][12][13]

References

  1. 1 2 "Company Overview of Cross River Bank, Inc". Bloomberg News. Retrieved 23 November 2015.
  2. ↑ "How Bank Partnerships with Marketplace Loan Platforms Really Work". American Banker. 24 February 2015. Retrieved 23 November 2015.
  3. 1 2 3 "Venture Capitalists Get Radical and Invest in a...Bank". The Wall Street Journal. 1 November 2016.
  4. ↑ "Company Overview of Cross River Bank, Inc". Bloomberg News. 23 November 2015.
  5. ↑ "French-born Gilles Gade finds home at the Cross River Bank in Teaneck". NJ.com. 28 July 2009. Retrieved 23 November 2015.
  6. ↑ "Why Giants of Silicon Valley Invested in a Community Bank". American Banker. 1 November 2016.
  7. ↑ Mannes, John (1 November 2016). "Cross River Bank Gets Unconventional Validation". TechCrunch.
  8. ↑ "The Federal Reserve Is Worried That Small Online Lenders Might Be a Problem". 30 September 2015.
  9. ↑ "Cross River Bank and Marlette Funding Close $100 Million Securitization Transaction". Lend Academy. 2 October 2015.
  10. ↑ "Marlette Funding Brings Best Egg Personal Loans to the General Public". Yahoo Finance. 28 January 2015.
  11. ↑ "Ripple Signs First Two U.S. Banks to Bitcoin-Inspired Payments Network". The Wall Street Journal. 24 September 2014.
  12. ↑ "Breaking the bank: Fintech and financial institutions square off in fight for relevancy". South China Morning Post. 26 October 2015.
  13. ↑ "Cross River Bank to Integrate Ripple for Real-Time International Payments". Market Wired. 24 September 2014.
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