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]
  • Kathy Nelson: COO
  • Michael Raff: CIO
  • Adam Goller: Chief Credit Officer
  • Shimon Eisikowicz: Chief Lending Officer
  • Randi Schochet: Chief Marketing Officer
  • Arlen Gelbard: EVP, General Counsel
  • Geoffrey Kott: SVP, Head of Capital Markets
  • 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] Cross River Bank is known for its advanced use of technology, strict adherence to compliance and risk management best practices, and as a financial innovator in collaboration with marketplace lending platforms and leading financial technology start-ups.

History

Cross River Bank was founded in 2008,[1] by French-born entrepreneur and finance industry veteran Gilles Gade, after several business ventures.[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

Direct Lending

Cross River provides Commercial Real Estate financing for cash flowing properties, focused in the tristate area. Additionally, the Bank participates in Small Business Administration (SBA) 7a and 504 loan programs and issues traditional business lines of credit.[8]

Marketplace Lending

Cross River Bank offers loans processed through 15 of the leading peer-to-peer lending portals[8] including Pave,[9] Upstart, Affirm,[2] Marlette Funding,[10][11] Rocket Loans and LoanDepot. The bank originated over $4.5 billion of aggregate loans since inception and more than 850,000 loans.

Cross River is a strong advocate of the bank/partner model for marketplace lending. The Bank is a leader in Banking-as-a-Service (BaaS) to ensure that loan and payment processes are fully compliant with all laws and regulations.

In October 2015, Cross River Bank announced a $100 million securitization with Marlette funding.[10][11]

Financial Technology

In 2014, Cross River Bank became one of the first U.S. banks[12] to collaborate with Ripple for real-time international payments between the U.S. and Western Europe.[13][14]

Cross River Bank offers next-generation, global payment solutions such as ACH, wire and real-time payment solutions are used by popular payment services including Google Wallet, Stripe, Affirm, TransferWise, Green Dot, and Coinbase, a leading provider of bitcoin and ethereum solutions. The bank has built internal software to enable it to settle bank transfers on the same day. The bank is one of the largest users of the MasterCard Send instant debit card transfer network.[3]

MPL Industry Leadership

On September 13, 2016, Cross River Bank and Boston University’s Center for Finance, Law & Policy (CFLP) established the Online Lenders Privacy Institute (OLPI). Cross River Bank and Boston University co-hosted the first annual Marketplace Lending Policy Summit in Washington DC. The MPL Summit was organized to create an open dialogue between marketplace lending industry participants and regulators and policymakers, and included academics, regulators, consumer advocates, and leading businesses and industry experts.

References

  1. 1 2 "Company Overview of Cross River Bank, Inc.". Bloomberg News. Retrieved 23 November 2015.
  2. 1 2 "How Bank Partnerships with Marketplace Loan Platforms Really Work". American Banker. 24 February 2015. Retrieved 23 November 2015.
  3. 1 2 3 4 "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. ↑ "Lender to Millennials Raises Capital, Partners with Familiar Name". American Banker". 14 July 2015.
  10. 1 2 "Cross River Bank and Marlette Funding Close $100 Million Securitization Transaction". Lend Academy. 2 October 2015.
  11. 1 2 "Marlette Funding Brings Best Egg Personal Loans to the General Public". Yahoo Finance. 28 January 2015.
  12. ↑ "Ripple Signs First Two U.S. Banks to Bitcoin-Inspired Payments Network". The Wall Street Journal. 24 September 2014.
  13. ↑ "Breaking the bank: Fintech and financial institutions square off in fight for relevancy". South China Morning Post. 26 October 2015.
  14. ↑ "Cross River Bank to Integrate Ripple for Real-Time International Payments". Market Wired. 24 September 2014.

External links

Official Website

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