(Courtesy of Cross River Bank) Cross River Bank, a New Jersey financial institution known for its innovative use of new technology, is expanding in the Garden State with support from the New Jersey Economic Development Authority (NJEDA). The bank has acquired a 70,000-square-foot facility in Fort Lee which will be home to 200 employees from the bank’s current Fort Lee headquarters, along with an additional 250 new employees it plans to hire.
“Innovative fintech companies like Cross River choose to locate in New Jersey because of our unrivaled pool of diverse, tech-savvy talent and the unique advantages of our location,” said Governor Phil Murphy. “We are thrilled that Cross River is committed to growing in the Garden State and creating the kind of job opportunities that align with our vision for a stronger and fairer New Jersey economy, with a focus on high-growth, high-tech industries that promote financial inclusion.”
Established in 2008, Cross River 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. The bank makes a point of staying on the cutting edge of emerging “fintech,” or financial technology. This focus on innovation has brought Cross River significant acclaim in the banking and fintech industries, including being recognized as the “Most Innovative Bank” at the LendIT Fintech Industry Awards in 2017 and 2018, as well as being named to Forbes’ 2019 list of “Most Innovative Fintech Companies.” Cross River’s commitment to supporting employees and fostering a healthy work/life balance also earned the bank a spot on American Banker’s “Best Fintechs to Work for” list.
Cross River was approved by the NJEDA in December for Grow New Jersey (Grow NJ) tax credits to encourage the company to expand in Fort Lee over a competing location in Orangeburg, NY. The bank will initially occupy 36,447 square feet of its new facility and will take on additional space as its employee base grows.
Since Grow NJ is a performance-based incentive program, Cross River is required to meet the commitments upon which its approval was based, including generating new tax revenue, completing capital investments and hiring the promised number of employees prior to receiving any approved benefits. No funds are provided up front, and annual certification of jobs is required throughout the term of the award. The Grow NJ program will stop accepting new applications at the end of June 2019.
“Governor Murphy’s plan for a stronger, fairer New Jersey economy is centered on supporting innovative companies that create new, good-paying jobs for New Jersey workers,” said NJEDA Chief Executive Officer Tim Sullivan. “Cross River is the kind of innovative, high-growth company that will drive New Jersey’s economy forward.”
“Fort Lee is incredibly excited about Cross River’s commitment to acquiring its new headquarters here in our community,” said Fort Lee Mayor Mark Sokolich. “Cross River represents the true spirit of the state of New Jersey—forward-thinking, community driven and a true industry leader. We proudly support Cross River’s expansion here in Fort Lee and look forward to the bank’s continued growth and success.“
“The State’s support will enable us to expand within New Jersey instead of leaving the state we have always called home,” said Gilles Gade, President and CEO of Cross River. “Governor Murphy’s focus on supporting companies that look to the future and take advantage of innovative new solutions is exactly what New Jersey needs right now. We are proud to call New Jersey home and look forward to hiring hard-working Garden State residents as we continue to grow.”
“This is exactly what the NJEDA should be doing, helping responsible companies grow and thrive in our wonderful state,” said Senator Loretta Weinberg (D-Bergen). “I am glad Cross River has decided to stay and expand in North Jersey. This new facility, and the over 200 jobs that come with it, will be a massive benefit to our community, and I look forward to seeing what they will accomplish in the future.”
“I applaud Cross River Bank’s decision to expand their business here in New Jersey,” said Assemblyman Gordon Johnson (D-Bergen). “Cross River Bank is another success story of our efforts to reinvigorate New Jersey’s economy. As an industry leader in high tech financial services, Cross River Bank is a cornerstone of our business community, and their expansion will result in significant job creation and economic growth for our region.”