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
  • Adam Goller: Chief Credit Officer
  • Shimon Eisikowicz: Chief Lending Officer
Products Consumer banking
Commercial banking
Community banking
Total assets $295 million(December 2014)[3]
Number of employees
 120(2015)
Website CrossRiverBank.com

Cross River Bank, Inc. is a U.S. state chartered commercial banking corporation, headquartered in New Jersey, U.S. The bank which is an FDIC member and an equal housing lender operates under a New Jersey charter.[1] Cross River Bank is known for its financial services in collaboration with marketplace lending platforms.

History

Cross River Bank was founded in 2008,[1] by French-born Gilles Gade.[4] Gade has been cited to have started the Bank when he noticed an opportunity in community banking during the financial crisis of 2007–08.[5]

Services

In addition to traditional banking services including business checking and savings accounts, Cross River Bank offers loans processed through peer-to-peer lending portals[6] including Lending Club,[3] Pave,[7] Upstart, Affirm,[2] Marlette Funding,[8][9] Prosper and PayPal's small business lending arm.[10] In October 2015, Cross River Bank announced a $100 million securitization with Marlette funding.[8][9]

In 2014, Cross River Bank became one of the first U.S. banks[11] to introduce cross-border commercial banking services in collaboration with Ripple. Using the Ripple payment protocol, the bank started offering real-time international payments between the U.S. and Western Europe.[12][13]

References

  1. 1 2 3 "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 "Why Lending Club Relies on a Bank You've Never Heard Of". American Banker. 18 December 2014. Retrieved 23 November 2015.
  4. ↑ "French-born Gilles Gade finds home at the Cross River Bank in Teaneck". NJ.com. 28 July 2009. Retrieved 23 November 2015.
  5. ↑ "Community Banks Increase Small Business Loans". Businessweek. 27 January 2009. Retrieved 23 November 2015.
  6. ↑ "The Federal Reserve Is Worried That Small Online Lenders Might Be a Problem". Slate (magazine). 30 September 2015. Retrieved 23 November 2015.
  7. ↑ "Lender to Millennials Raises Capital, Partners with Familiar Name". American Banker. 14 July 2015. Retrieved 23 November 2015.
  8. 1 2 "Cross River Bank and Marlette Funding Close $100 Million Securitization Transaction". Lend Academy. 2 October 2015. Retrieved 23 November 2015.
  9. 1 2 "Marlette Funding Brings Best Egg Personal Loans to the General Public". Yahoo! Finance. 28 January 2015. Retrieved 23 November 2015.
  10. ↑ "Online lending startups are making the Fed nervous". Business Insider. 30 September 2015. Retrieved 23 November 2015.
  11. ↑ "Ripple Signs First Two U.S. Banks to Bitcoin-Inspired Payments Network". The Wall Street Journal. 24 September 2014. Retrieved 23 November 2015.
  12. ↑ "Breaking the bank: Fintech and financial institutions square off in fight for relevancy". South China Morning Post. 26 October 2015. Retrieved 23 November 2015.
  13. ↑ "Cross River Bank to Integrate Ripple for Real-Time International Payments". Market Wired. 24 September 2014. Retrieved 23 November 2015.

External links

Official Website

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