Fort Lee-based Cross River Bank will expand in its hometown after acquiring a property to house its current 200 headquarters employees and accommodate a planned additional 250 workers, the state Economic Development Authority announced Thursday afternoon.
Cross River will initially occupy 36,447 square feet of the newly acquired 70,000-square-foot facility and take on additional space as its headcount increases, the EDA said.
The EDA approved tax credits for Cross River in December under the Grow New Jersey program – which is scheduled to sunset this summer – to encourage the company to expand in the Garden State rather than move to Orangeburg, N.Y.
Cross River President and CEO Gilles Gade said in a statement that the credits kept the bank from relocating. “The … support will enable us to expand within New Jersey instead of leaving the state we have always called home,” he said.
The conditions of the Grow NJ program require Cross River to meet commitments including generating new tax revenue, completing capital investments and hiring the agreed-upon number of employees.
“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 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.”