Cross River Bank, with a single brick-and-mortar branch in Teaneck and headquartered in Fort Lee, celebrated the opening of its new building last week. Somewhat reminiscent of Times Square on New Year’s Eve, the employees and guests gathered on the front terrace, calling out the countdown in unison. Then the blue Cross River logo flashed on at the top of the eastern face of the building, followed immediately by a roaring cheer from the crowd and a volley of fireworks from the rooftop.
In a demonstration of successful private-public collaboration, Cross River was joined by leaders from across the community at the ceremony.
According to Eden Hoffman, director of communications, “Since its founding in New Jersey in 2008, the company has grown to over 520 team members and plans to hire 100 more by year-end.” She reported that under the leadership of Governor Phil Murphy and the New Jersey Economic Development Authority (NJEDA), in 2019 Cross River was awarded a Grow NJ Grant to help purchase a new 70,000-square-foot building in Fort Lee. Since then, Cross River has already hired more than 400 team members, nearly doubling its workforce in New Jersey. According to Gilles Gade, founder, CEO and chairman of Cross River, the ceremony was just the beginning, as additional space in the building is still being developed.
“We are immensely proud that in calling New Jersey home, Cross River has recognized the wealth of advantages our state has to offer, including one of the most diverse and educated workforces in the country,” said Governor Murphy.
The ceremonies were emceed by Phil Goldfeder, SVP for public affairs. The ribbon-cutting was done by Kathy Nelson, Cross River COO, along with Gilles Gade, CEO and Council President Joseph Cervieri and Assemblyman Gordon Johnson.
“Our new headquarters is emblematic of our growth here in New Jersey, but more importantly, plants the seed of the future for Cross River,” said Gade. “We thank Governor Murphy and the NJEDA for their support, and we’re thrilled to celebrate this momentous occasion with the entire Cross River family, together with our community partners and neighbors who have been right beside us from the very beginning.”
Tim Sullivan, CEO of the NJEDA, stated: “In addition to creating hundreds of new jobs, Cross River is committed to helping entrepreneurs overcome challenges by improving access to capital and offering educational resources that help to prepare them for future opportunities.”
Although he was unable to attend the ribbon cutting personally, the mayor of Fort Lee, Mark Sokolich, had this to say: “Cross River represents the true spirit of the state of New Jersey—innovative, forward-thinking and hyper-community focused.”
Cross River has emerged as a leader in New Jersey as a result of its public-private collaboration and the support of the local legislators and organizations like the NJEDA, Choose New Jersey, the New Jersey Bankers Association, and the New Jersey-Israel Commission- a collaboration of which it is particularly gratified, according to Gilles.
Hoffman reported that Cross River’s substantial impact on the advancement of industry standards and accomplishments as an outstanding corporate citizen have been recognized by both national and local organizations, including the American Bankers Association, the Independent Community Bankers of America, NJBIZ, TechUnited: NJ, and the Teaneck and Fort Lee Chambers of Commerce.
By Ellie Wolf