Cross River Bank Recognized as Recipient of ICBA 2021 National Community Bank Service Award for Heroic Efforts in PPP

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FORT LEE, NJ–(BUSINESS WIRE)–Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and integrated financial solutions, has received the Emerging Community Bank Service Award from the Independent Community Bankers of America (ICBA) for its Paycheck Protection Program (PPP) service and community outreach in the wake of the COVID pandemic.

ICBA selected Cross River for its outsized efforts to support small businesses nationwide as one of the nation’s most prolific providers of the Small Business Administration’s Paycheck Protection Program. The $13 billion asset bank has provided crucial financing to small businesses in need, offering 480,000 PPP loans totaling more than $13 billion with an average loan size of $27,000, reaching the most vulnerable in the country. Cross River became known for opening its doors early in the program to underserved communities that had nowhere to go.

“We have decided to help as many small businesses as possible, regardless of their size or who they are our customers, especially those who were excluded from PPP by the largest banks in the country,” said Phil Goldfeder, SVP Global Public Affairs at Crossing the River. “Virtually everyone at Cross River has stepped up and changed roles, or accepted others, to ensure we have a safe, secure, and capable app and platform to help everyone. 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 provide virtual financial literacy programs around COVID relief and recovery, hosting more than a dozen webinars and virtual town halls on available resources and relief efforts in cities across the country.

“ICBA commends Cross River and its employees for their tireless dedication and quick action, which has saved countless jobs and kept the lights on for struggling businesses,” said ICBA President and CEO. ‘ICBA, Rebeca Romero Rainey. “Cross River’s ingenuity and perseverance is a great example of the vital work done by community banks to strengthen local economies.

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 rapidly growing financial services organization that fuses the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its inception in 2008, Cross River has developed strategic partnerships with leading technology companies, market lenders and payment providers, while emphasizing regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive product suite spanning lending, payments, risk management and banking-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 chartered in the State of New Jersey. For more information, please visit the Cross River website at www.crossriver.com or Twitter @crossriverbank.

About ICBA

Independent Community Bankers of America® creates and promotes an environment where community banks thrive. ICBA is dedicated exclusively to representing the interests of the community banking industry and its members through effective advocacy, first-class 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 U.S. counties. Holding more than $5.7 trillion in assets, more than $4.7 trillion in deposits, and more than $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 fueling the dreams of their customers in communities across America. For more information, visit the ICBA website at www.icba.org

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