FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, received the Emerging Community Bank Service Award from the Independent Community Bankers of America (ICBA) for its leading Paycheck Protection Program (PPP) and community outreach in the wake of the COVID pandemic.
ICBA selected Cross River for its outsized efforts to support the nation’s small businesses 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 funding to small businesses in need, providing 480,000 PPP loans totaling more than $13 billion with an average loan size of $27,000, reaching the nation's most vulnerable businesses. Cross River became known for opening its doors at the onset of the Program to underserved communities who had nowhere else to turn.
“We set out to help as many small businesses as possible—regardless of size or whether they were our customers—especially those who were being shut out of PPP by the largest banks in the country,” said Phil Goldfeder, SVP Global Public Affairs at Cross River. “Virtually every Cross River employee stepped up and shifted roles, or took on additional ones, to ensure we had an application and platform that was safe, secure, and was able to help everyone in our community and beyond.”
In addition to its PPP initiative, Cross River also partnered with local organizations, policymakers, and municipalities to provide virtual financial literacy programming 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 helped save countless jobs and keep the lights on for struggling business,” ICBA President and CEO Rebeca Romero Rainey said. “Cross River’s ingenuity and perseverance is a sterling example of the vital work being done by community banks to strengthen local economies.”
ICBA has also recognized Cross River as one of its Most Innovative Banks of 2018 and 2019. Learn more about Cross River and other exceptional award recipients in the September issue of Independent Banker®.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking 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, marketplace 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 comprehensive suite of products encompassing 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 a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent 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, over $4.7 trillion in deposits, and more than $3.6 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org