Cross River Bank is headquartered in Teaneck and is the 3rd largest bank in the state of New Jersey. It is also the 132nd largest bank in the nation. It was established in 2008 and as of March of 2021, it had grown to 410 employees at 1 location. Cross River Bank has a B+ health rating.
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PPP Mvps! Helping The Small Business Owners During Tough Times
This bank was a savior for me. I am a small business owner and the bank that I had my business account with (Great Western Bank) turned me away after day 3 of the PPP loan application process being open in 2020. I would have been absolutely out of luck if Cross River didn't offer these services to out-of-network customers like myself. I had never heard of this bank before but they were absolutely incredible at handling my PPP loan and forgiveness. I cannot thank them enough. I opened an account on this website just to write this review; that's how thankful I am. TRUE MVP's! Thank you for helping this small business owner!
Frustration Experts
Stay away from this place. Overly complicated in putting in getting out ur money.
NO CUSTOMER SERVICE
I applied for a PPP loan at Cross River and my application was approved. However, there was some trouble transferring the funds to my bank account. There was no way to access my application to even see what the problem was. And since there is basically NO customer service, there was no way to correct the error. There's no phone number to call so I wrote in multiple times via email. Finally after a few weeks someone responded with no helpful information. I kept responding to try and get some actual help but no response - until weeks later to tell me they cancelled it. Now I'm screwed and can't get a PPP loan that my business desperately needs.
Great With PPP Would Try Them For Savings
Cross River did a great and speedy job processing my PPP, my friend had a great experience too. Based on this I would give them a shot for banking.
Data as of Q1 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58410 |
| Year Established | 2008 |
| Employees | 410 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.18% |
| Return on Equity - YTD | 61.13% |
| Annual Interest Income | $111.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $13.48B$2.53B |
| Loans | Q1 2021vs Q1 2020 | $12.39B$1.86B |
| Deposits | Q1 2021vs Q1 2020 | $4.73B$1.91B |
| Equity Capital | Q1 2021vs Q1 2020 | $444.4MM$248.9MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $28.0MM$55.8MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $19.3MM$11.1MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$0 |