FORT LEE, New Jersey – (COMMERCIAL THREAD) – Cross River Bank (“Cross River”), a technology-driven financial services organization that provides basic infrastructure and integrated financial solutions, received the Emerging Community Bank Service Award from the Independent Community Bankers of America ( ICBA) for his main paycheck. Protection program (PPP) and community awareness following the COVID pandemic.
The ICBA selected Cross River for its over-the-top efforts to support small businesses across the country as one of the country’s most prolific providers of the Small Business Administration’s paycheck protection program. The $ 13 billion asset bank provided crucial financing to small businesses in need, providing 480,000 PPP loans totaling over $ 13 billion with an average loan amount of $ 27,000, reaching the most vulnerable countries. Cross River became known for opening its doors early on in the program to underserved communities that had nowhere to turn.
“We decided to help as many small businesses as possible, regardless of size or whether they were our customers, especially those that were excluded from P3s by the largest banks in the country,” Phil said. Goldfeder, SVP Global Public Affairs at Crossing the River. “Virtually all of Cross River’s employees have stepped up and changed roles, or accepted others, to ensure that we have a safe, secure application and platform that can help everything. the world in our community and beyond. ”
In addition to its PPP initiative, Cross River has also partnered with local organizations, policymakers and municipalities to deliver virtual financial literacy programs around COVID help and recovery, hosting more than a dozen webinars and virtual town halls on available resources and relief efforts in cities across the country.
“ICBA congratulates Cross River and its employees for their tireless dedication and swift action, which has saved countless jobs and kept the lights on for struggling businesses,” said President and CEO from ICBA, Rebeca Romero Rainey. “Cross River’s ingenuity and perseverance is a great example of the vital work community banks do to strengthen local economies.
The ICBA also recognized Cross River as one of its Most Innovative Banks of 2018 and 2019. Learn more about Cross River and other outstanding winners in the September issue of Independent Banker®.
About Cross River
Cross River is a fast growing financial services organization that merges the cutting edge offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, market lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure API-based banking platform and a comprehensive suite of products encompassing lending, payments, risk management, and Bank as a Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is an FDIC insured bank licensed by the State of New Jersey. For more information, please visit the Cross River website at www.crossriver.com or Twitter @crossriverbank.
The Independent Community Bankers of America® creates and promotes an environment where community banks thrive. ICBA is exclusively dedicated to representing the interests of the community banking sector and its members through effective advocacy, top-notch education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks make up 99% of all banks, employ more than 700,000 Americans, and are the only physical banking presence in one in three US counties. Holding over $ 5.7 trillion in assets, over $ 4.7 trillion in deposits, and over $ 3.6 trillion in loans to consumers, small businesses, and the farming community, community banks channel local depots on main streets and the neighborhoods they serve, driving job creation, fostering innovation and nurturing the dreams of their customers in communities across America. For more information, visit the ICBA website at www.icba.org