Cross River Bank is headquartered in Teaneck and is the 7th largest bank in the state of New Jersey. It is also the 176th largest bank in the nation. It was established in 2008 and as of June of 2022, it had grown to 855 employees at 2 locations. Cross River Bank's savings rates are 3X the national average, and it has an A 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!
Not A New Bank, Branch Visit No Longer Required
I opened my first CD with Cross River in 2012. Have had several since, all with great rates & no issues. They did require a branch visit (Teaneck, NJ) till the pandemic hit. Now you can open one by phone & email. I just opened their 2-year at 2.1%. Very easy and their customer service is good, especially under current conditions. I should note:
-I was already a customer so I was able to skip a few steps.
-CD must be funded by check or wire transfer. They don't charge for wire transfer but your bank probably will (Chase charged me $25.) If you mail a check, they don't lock your rate until they get the check. (Unlike online banks that usually let you open the CD & lock the rate, then give you 10 days to fund it.) Worth the $25 to lock the rate instantly.
-Their website isn't awesome but who cares? Their reps are very helpful by phone, & emails get a surprisingly fast response (mine were within an hour).
-Rate page: https://www.crossriver.com/personal-banking
-Phone: 1-877-55CRB55 or (201) 808-7000.
Ppp Is A Hoax
I keep calling to understand why I owe them money, but the loan was forgiven. Put on hold and no one ever knows what is going on I am sure they just took the money and spent it. Their PPP was a scam.
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 Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58410 |
| Year Established | 2008 |
| Employees | 855 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.17% |
| Return on Equity - YTD | 24.77% |
| Annual Interest Income | $280.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $8.55B$14.32B |
| Loans | Q2 2022vs Q2 2021 | $7.17B$13.43B |
| Deposits | Q2 2022vs Q2 2021 | $4.63B$3.48B |
| Equity Capital | Q2 2022vs Q2 2021 | $815.4MM$527.5MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $56.3MM$33.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $17.4MM$9.3MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |