Cross River, ICBA National Community Bank Service Award recognition for PPP work

Summary

Cross River Bank announced on September 15, 2021 that the Independent Community Bankers of America had given it a 2021 community bank service award for its Paycheck Protection Program lending; the headline names the National Community Bank Service Award and the body the Emerging Community Bank Service Award. The release, datelined Fort Lee, N.J., says the $13-billion asset bank made 480,000 PPP loans totaling more than $13 billion, with an average loan size of $27,000, and credits its work with saving more than 1.4 million jobs across the country. Phil Goldfeder, SVP Global Public Affairs, is quoted saying the bank set out to help small businesses, especially those 'being shut out of PPP by the largest banks in the country.'

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Press Release

Cross River Recognized as ICBA 2021 National Community Bank Service Award Recipient

Cross River

September 15, 2021

2

min read

September 15, 2021

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

Honored as a national leader in the Paycheck Protection Program (PPP) and swift pandemic response, saving more than 1.4 million jobs across the country

Cross River opened its doors to every small business across America regardless of size or pre-existing relationship and ultimately served over 480,000 of the smallest businesses

FORT LEE, N.J. - 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.”

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