FORT LEE, N.J.--(BUSINESS WIRE)--CRB Group, Inc., the parent company of Cross River Bank, today announced the closing of its $106 million private placement of subordinated notes.

“We are pleased to announce the successful completion of our subordinated debt offering, which will provide us with opportunistic capital to continue our strategic growth plans and to fuel our commitment to our employees, partners, businesses and consumers,” said Gilles Gade, Founder, President and CEO of Cross River. “This offering was oversubscribed, and we appreciate the strong support and positive response of the investment community.”

About Cross River

Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.