Bank On It

When the big banks fail, we remember the days when a bank was a local institution. And your banker was often regarded as a family friend.

Just when we thought those days were gone forever, into our mailbox pops notice of the little Cross River Bank (www.crossriverbank.com) of Teaneck’s grand opening.  And, when we show up, so does, it seems, half the town.

In this heavily Jewish Orthodox community, it’s apparent that the bankers are well known. Still, it’s a bit of a risk to be opening in such a gloomy economic time.

But Cross River is pushing the concept of keeping your money close to home;  “a bank that is small enough to know them, but big enough to provide them with world-class banking services” says the press release.

CEO Gilles Gade  is optimistic. “There are tons of very healthy loans out there and tons of very healthy borrowers who unfortunately do not have a home for their loans. “

The Cross River website, still under development, will offer customers additional on-line services, and the bank is pushing an introductory CD with “an attractive 4% over nine months.”

The project has been underway for four years—it began when the economy was relatively healthy and no one imagined the financial storm clouds gathering would have such a devastating impact.

But Gade even finds the silver lining in these clouds for Cross River. “I believe there is a huge place for us here because obviously we have a clean balance sheet—we just opened—so it’s very difficult to mess it up.”

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