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Press Release

Cross River Expands Leadership Team

October 1, 2020

New Chief Credit Officer, Chief Strategy Officer and Chief Human Resources Officer join at an inflection point for the Company

Experienced executives will help steer and accelerate next stage of growth

FORT LEE, N.J.—Cross River, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider, today announced the addition of three new hires who join the Leadership Team as the Company accelerates its next stage of growth.

Cross River has appointed Steven Heruty as Chief Credit Officer, Karan Mehta as Chief Strategy Officer and David Nachbar as Chief HR Officer, all seasoned executives who bring strong expertise and experience in their respective fields.

  • As Chief Credit Officer, Steven Heruty will be responsible for galvanizing and managing all aspects of credit risk management as well as loan portfolio management oversight, product innovation and operational expertise to support Cross River’s overall strategic objectives and long-term sustainable growth. With over 25 years of experience at JPMorgan Chase, BlackRock, Bank of the West and Vouch Financial, Steven joins Cross River from Colchis Capital Management, L.P., where he served as Head of Risk, Private Credit. 
  • Karan Mehta comes to Cross River as Chief Strategy Officer with more than 20 years of experience, most recently as Head of Capital Markets at Marlette Funding, LLC., the platform behind Best Egg. Prior to Marlette, Karan was the Director of Structured Credit at Deutsche Bank Securities as well as VP/Director of Residential Mortgage Backed Securities Group. As Chief Strategy Officer, he will lead the strategy and management teams in strategic planning, financial performance processes and market analyses. 
  • With over 20 years of experience at both start-ups and global companies, David Nachbar brings a multitude of experiences to Cross River’s growing workforce having previously worked at PepsiCo and Citigroup, and serving as Chief HR Officer at Travelers, Bausch + Lomb and Ondot Systems. As Chief Human Resources Officer, David will be responsible for leading Cross River’s people function, guiding the full scope of the HR function, across all offices domestically and internationally. He will serve as a thought partner to the CEO and executives, provide HR advisory services with regards to leadership, employee relations, talent acquisition, engagement, culture, compensation, organizational design and change and performance management.