Cross River Bank has created an annual scholarship at the New Jersey Institute of Technology designed to benefit students interested in finance- and technology-related fields.
The Fort Lee-based fintech said in a news release that it made a $50,000 donation to the Foundation at NJIT through its giving arm, Foundation@Cross River.
“When our giving effectuates change in the lives of students, like it will at NJIT, we are succeeding in our mission to provide impactful philanthropy,” Miriam L. Wallach, head of social responsibility at Cross River, said in a prepared statement. “We’re thrilled to partner with New Jersey Institute of Technology to support their students in earning their degrees, and provide learning opportunities about the local technology community that can only be gained through mentor-mentee relationships.”
The gift will fund an annual Cross River Opportunity Scholarship. Each year, two full-time fintech majors at the Martin Tuchman School of Management will be named Cross River Opportunity Scholars. The funds will be awarded to first-generation students from low-income backgrounds and/or members of historically underrepresented groups.
The Cross River Opportunity Scholars for Spring 2023 are Ali Smithson of the Class of 2025 and Dominick Gryzb of the Class of 2026.
“I am deeply grateful to Cross River for its generous investment in our talented students and in the university,” NJIT President Teik Lim said in a statement. “Our institutions clearly share many of the same values, commitments and aspirations, from expanding the pipeline of future, career-ready tech talent to promoting diversity & inclusion in the STEM and STEM-adjacent fields. The partnership we have initiated will bring together our distinctive assets and resources, and that combination will benefit not only Cross River and NJIT, but also the larger community. This is the very definition of a mutually beneficial university-industry partnership.”
The scholarship will provide not only tuition assistance, but opportunities for recipients to participate in experiential learning activities, and Cross River leaders will serve as guest lecturers, with the financial services firm creating recruitment opportunities for internships, jobs and more.