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Here's @CrossRiverBank's details over at #FDIC. Various addresses, FDIC ID numbers, charter info, etc. in case anyone's looking to dig around.
Note that for their first 5 years they were rated "Needs to improve" as a bank.
#lolbank
banks.data.fdic.gov/bankfind-suite…
Note that for their first 5 years they were rated "Needs to improve" as a bank.
#lolbank
banks.data.fdic.gov/bankfind-suite…
@crossriverbank 🧵 Who else didn't know that @CrossRiverBank changed its name from #FirstFinancialBank in 2008?
state.nj.us/dobi/bnk_depos…
state.nj.us/dobi/bnk_depos…
🧵 @CrossRiverBank is technically owned by #CRBGroup (seems like it's not the same as @CRBgrp?), a holding company in Fort Lee, NJ. Apparently #JoannaAlbertine is the CFO.
Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
🧵1/Ω A few things about @crossriverbank, a tiny #a16z funded lender that originated more #PPP loans for "small businesses" than anyone besides Chase, BofA, and Wells Fargo, mostly for people who were not their customers.
Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro…
Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro…
🧵2/Ω They paid @McKinsey a bunch of money to tell the world that "while most banks originated PPP loans to their own customers, Cross River leads in originations to new customers"
mckinsey.com/industries/fin…
mckinsey.com/industries/fin…
🧵3/Ω Unlike other banks that blew up on "fund banking" recently (*cough* $SBNY $SIVB *cough*) @crossriverbank does their "fund banking" differently:
They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja
They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja
