Cross River Provides Assistance in Response to COVID-19 Pandemic — Cross River (March 18, 2020)

Summary

In a March 18, 2020 release from Fort Lee, N.J., Cross River Bank announced a series of initiatives to protect and mitigate the impact of COVID-19 on customers, employees and the community. It says Cross River has offered assistance to borrowers through a number of measures including forbearance options and short-term loan products for eligible small business and commercial real estate borrowers. It also says Cross River is working with each of its marketplace lending platforms to provide relief options to affected borrowers. System support functions remain fully operational and branch operations have been adjusted to protect the safety of employees and the community. Gilles Gade, Founder, President, and CEO, is quoted on the staff working remotely.

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Cross River Provides Assistance in Response to COVID-19 Pandemic

March 18, 2020

Cross River Provides Assistance in Response to COVID-19 Pandemic

FORT LEE, N.J. - Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced a series of initiatives to protect and mitigate the impact of COVID-19 on customers, employees and the community.

“Cross River was founded in the wake of the great recession with a singular focus on community service and we continue to be deeply committed to our staff, partners and the community,” said Gilles Gade, Founder, President, and CEO of Cross River. “Although we are all working remotely, our team is fully operational, and we will continue to collaborate to deliver the assistance our extended Cross River family may need.”

Cross River is addressing possible financial hardships to its impacted consumers and their families due to the economic effects of the pandemic. The Company has offered assistance to its borrowers through a number of measures including forbearance options and short-term loan products for eligible small business and commercial real estate borrowers. In addition, Cross River is working with each of its marketplace lending platforms to provide needed relief options to affected borrowers, providing flexible service options to alleviate financial pressures. Cross River’s system support functions remain fully operational and branch operations have been adjusted to protect the safety of employees and the community.

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