Cross River Bank is growing in Fort Lee, acquiring a new facility that could bring more than 250 new jobs to the state — with help from a Grow New Jersey grant, the New Jersey Economic Development Authority said Thursday.
Cross River, which was approved in December for a $10.9 million grant over a 10-year period, has purchased a 70,000-square-foot property that will house 200 employees from its current Fort Lee headquarters — 50 of which were considered at-risk — and have room for 255 more that it intends to hire, the EDA said in a news release.
“Innovative fintech companies like Cross River choose to locate in New Jersey because of our unrivaled pool of diverse, tech-savvy talent, and the unique advantages of our location,” Gov. Phil Murphy said in a prepared statement. “We are thrilled that Cross River is committed to growing in the Garden State and creating the kind of job opportunities that align with our vision for a stronger and fairer New Jersey economy, with a focus on high-growth, high-tech industries that promote financial inclusion.”
The fintech bank chose to stay in Fort Lee over a location in Orangeburg, New York. It will initially occupy 36,447 square feet of the new property, taking on additional space as it hires new employees.
“The state’s support will enable us to expand within New Jersey instead of leaving the state we have always called home,” Gilles Gade, CEO and president of Cross River, said in a statement. “Gov. Murphy’s focus on supporting companies that look to the future and take advantage of innovative new solutions is exactly what New Jersey needs right now. We are proud to call New Jersey home and look forward to hiring hard-working Garden State residents as we continue to grow.”
The bank, established in 2008, must meet a variety of commitments to receive the Grow NJ grant money, the EDA noted, including generating new tax revenue, completing capital investments and hiring the promised number of employees.
“Gov. Murphy’s plan for a stronger, fairer New Jersey economy is centered on supporting innovative companies that create new, good-paying jobs for New Jersey workers,” EDA CEO Tim Sullivan said in a statement. “Cross River is the kind of innovative, high-growth company that will drive New Jersey’s economy forward.”
Read more from ROI-NJ:
- N.J. startup lands on Forbes’ FinTech 50 for first time
- Fintech firm Cross River raises $100M in funding