⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com Profile picture
"in the land of the coins the man who makes it to dubai is king" (often held in The Shadows of Bǟǟn by The Brothren, you may not see me tweet unless you 🔔)

Mar 18, 2023, 22 tweets

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…

@crossriverbank 🧵 Who else didn't know that @CrossRiverBank changed its name from #FirstFinancialBank in 2008?
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…

🧵 Let's take a look at @CrossRiverBank's holding company's income filings for 2022, their interest(ing) income in particular:

➤ $5.3 million in real estate
➤ $508 million in "other"

What are the loans? Anyone remember $SIVB and $SBNY's "fund banking"?
ffiec.gov/npw/FinancialR…

@crossriverbank 🧵 $584 million is the yearly interest INCOME for @CrossRiverBank. At 5% that's a $10 billion loan book.

And yet CRB only pays $82 million out as interest for its capital.

They also have almost no treasuries or mortgage backed securities AKA "safer" assets. All loans.

🧵 And very interestingly only 1/10th of @CrossRiverBank's income is from loans secured by real estate.

We know they have made some big construction loans to weird luxury projects by #Moinian and #Bushburg deep in low income neighborhoods. Is that their main biz?

🧵 @CrossRiverBank had $165 million in employee comp expense. LinkedIn lists 910 employees, so that's roughly $181,000 salary per person. CEO claims $125k avg so maybe some not on LI. Though a lot of employees are undereducated / probably make much less.

C-suite is raking it in.

🧵 Important note about @CrossRiverBank's loan book: bv they have few treasuries or loans secured by RE they have low borrowing power at #FHLB, which is the lifeline many banks have turned to for cash.

Bonkers C&I loans can't be used as FHLB collateral.

🧵 Also an important note about @CrossRiverBank's loan book: they offered (offer?) loans collateralized by cryptocurrency to their customers.

And as a service to their partners' customers.

(if yr just catching up 👇 is a whole large thread about CRB)

🧵 Someone correct me if I misread this but it appears that @CrossRiverBank saw $143 million loss on its loan portfolio in 2022.

🧵 Also seems interesting that @CrossRiverBank issued $300 million worth of #PPP loans that the #SBA and Congress appear to think are fraudulent and will not pay them for.

That would be a pretty big loss were #CrossRiverBank to have to absorb it...

@crossriverbank * oops correction this should be $53 million not $5.3 million. so 10% income is from real estate secured loans and 90% is from "other".

🧵@CrossRiverBank was registered with the federal contractor program for a year.

➤ SAM ID: XPNVAGJZKBS1.
➤ CAGE code: 8VY60
#ThomasMurphy was the revenue & expense manager.
➤ Registered with SAM for "Z1 - Federal Assistance Awards"

Ω👇Ω
opengovus.com/sam-entity/XPN…

🧵 Also interesting what comes up as "nearby businesses".

Turns out in the same building there's a company called @PeerIQAnalytics, which it turns out was purchased by @CrossRiverBank. Its real name caught my eye immediately:

"Peeriq · Synthetic P2p Holdings Corporation"

🧵 Both @CrossRiverBank and @PeerIQAnalytics are users of the H1B visa program (basically "skilled workers" visas in the USA).

There's nothing particularly weird here that I see...
myvisajobs.com/Visa-Sponsor/C…

🧵 One thing that is maybe or maybe not kinda weird is that @PeerIQAnalytics registered with the SBA as a "Self Certified Small Disadvantaged Business"...

🧵 I stumbled on a company called #CrossRiverFiber... No idea if it's related but I noted that

➤ It was acquired by #Zenfi
➤ $ZENFI is a cryptocurrency
#ZenFI was acquired by #BAICommunications
#BAICommunications just rebranded as an AI company #BoldynNetworks.

wow.

🧵 There's another company in the same building as @CrossRiverBank: #PrestigeCapitalFinance who are some kind of investment fund that never tells you who they invested in, just the industry. ??

➤ "a CBD wellness brand"
➤ "a NY construction firm"

Ω👇Ω
prestigecapital.com/newsroom/in-th…

🧵 Back to @CrossRiverBank: Their loan book is... interesting. Not real estate centric and not much treasuries (the kind that brought down $SIVB).

It's mostly probably "buy now pay later" loans like $AFRM / $UPST which they think are high quality - 98.4% will get paid back.

🧵 As for @CrossRiverBank's deposits, some depositors are more sticky than others. CRB holds a large % of:

➤ non-interest deposits (22%)
➤ brokered deposits (24%) which can go in a flash.

It's not $SIVB's insane 91% uninsured but it's not the strongest deposit fleet.

🧵 #CrossRiverBank's Chief Accounting Officer is named Elliott Rothschild.

(*cough* #LehmanBrothers *cough*)
linkedin.com/in/elliot-roth…

I'll just point out here that #MichaelSevret, the Chief Strategy Officer of #CrossRiverFiber, appears to have been a New Jersey wedding DJ before being placed in the C-suite.

I mean maybe I'm wrong and these are different people but... kinda look the same?

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