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.
“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.”
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.”
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority: The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
