CRB Group, Inc. Closes $27 Million Notes Offering
Fort Lee, NJ (June 5) – CRB Group, Inc., the parent company of Cross River, announced today the completion of its offering of $27 million in Senior Unsecured Notes due June 15, 2023 (the “Notes”). The Notes were sold at par with a 6.25% coupon. The Notes are rated BBB- (Stable) from Kroll Bond Rating Agency, Inc.
The net proceeds from the offering will be used for general corporate purposes, including to support the growth of Cross River. Cross River’s offerings include marketplace lending, payments and strategic financing, as well as small business and commercial real estate lending.
This is Cross River’s first institutional funding since a $29 million Series A round in November 2016, led by tech-focused investment firms Andreessen Horowitz, Battery Ventures and Ribbit Capital.
“This demonstrates Cross River’s continued focus on building a solid, diversified core funding base. In 2016, Cross River successfully accessed the venture capital markets and we have now bolstered that with a successful financing in the Investment Grade Debt markets,” said Geoffrey Kott, EVP, Head of Finance and Strategy. “Doing so enables us to create an even more robust capital foundation to enhance the buildout of innovative and responsible financial solutions while expanding upon our strategic partnerships.”
Sandler O’Neill + Partners, L.P. acted as sole placement agent for the offering.
About CRB Group, Inc.:
CRB Group, Inc. is the parent company of Cross River Bank, a New Jersey State Chartered FDIC-insured bank founded in 2008. The company secured $29 million in VC funding led by three well-regarded investors (Battery Ventures, Andreessen Horowitz, and Ribbit Capital) and has developed strategic partnerships with FinTech leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River Bank is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors.