Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced a series of initiatives to protect and mitigate the impact of COVID-19 on customers, employees and the community.
“Cross River was founded in the wake of the great recession with a singular focus on community service and we continue to be deeply committed to our staff, partners and the community,” said Gilles Gade, Founder, President, and CEO of Cross River. “Although we are all working remotely, our team is fully operational, and we will continue to collaborate to deliver the assistance our extended Cross River family may need.”
Cross River is addressing possible financial hardships to its impacted consumers and their families due to the economic effects of the pandemic. The Company has offered assistance to its borrowers through a number of measures including forbearance options and short-term loan products for eligible small business and commercial real estate borrowers. In addition, Cross River is working with each of its marketplace lending platforms to provide needed relief options to affected borrowers, providing flexible service options to alleviate financial pressures. Cross River’s system support functions remain fully operational and branch operations have been adjusted to protect the safety of employees and the community.
“No one knows what challenges tomorrow may bring, but in times of need, it’s important to know you have a community partner to lean on,” said Phil Goldfeder, SVP Public Affairs at Cross River. “We have been in constant contact with our partners, elected officials, industry leaders, peers and the community-at-large to continue to be a resource to those impacted in every possible way.”
Cross River has provided its 300+ employees a $500 stipend for goods or resources that will help them transition to working from home. The Company has also assured its employees, that in the event that a medical insurance company delays or denies a COVID-19 related medical claim, the Company will cover it. The Company has implemented several new benefits, including access to virtual medical care, expanded coverage as well as flexible schedules. As a notable community partner, Cross River has also been working with local organizations, elected officials and residents to assist with Coronavirus-related relief measures in the Company’s footprint and beyond.
Born in the aftermath of the 2008 financial crisis, Cross River was built with the goal of providing access to credit to consumers in need. Since then, it has evolved into a national technology leader, providing innovative fintech solutions across the country. Cross River has received outstanding recognition for its leading technology, community commitment, innovations in financial services and unmatched workplace culture. As a New Jersey state-chartered community bank, Cross River has been a pillar of the New Jersey community, driving innovation and job creation in the state, with a strong focus on community service and social responsibility.
To see how Cross River can be of assistance, please visit our website at www.crossriver.com.
About Cross River
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.