Cross River Announces Three New Members to Board of Directors

CRB Group, Inc., the parent company of Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced it has appointed three new members to its Board of Directors (“Board”), effective July 1, 2024: Roland Fryer, Richard Laxer and Gabrielle Vitale.

“The appointment of Roland, Richard and Gabrielle to our Board signals our commitment to Cross River’s next stage of growth,” said Gilles Gade, Founder, CEO and Chairman of Cross River. “We exist to help fintechs and non-bank enterprises revolutionize financial services, positively changing the lives of all, and particularly those traditionally denied access to even basic banking products. Our three new directors will help drive this mission with their leadership and exceptional, proven track record in financial services, risk management and technology, as well as their diversity of thinking, creativity and commitment to changing the world for the better."

Cross River’s Board is composed of a diverse mix of global industry leaders with deep background in the payments, financial services and technology industries who are uniquely equipped to help guide Cross River’s future.

The three additions each bring a wealth of differentiated, stellar experience to the Company:

• Roland Fryer is a Professor of Economics at Harvard University and a co-founder of Equal Opportunity Ventures, an early stage seed fund, and several start-ups. He sits on several boards with an emphasis on business analytics, talent management and product strategy. His research combines economic theory, big data, AI and randomized social experiments to help design policies that can increase social mobility in America. Roland was awarded a MacArthur "Genius" Fellowship, the John Bates Clark Medal (given by the American Economic Association to the best American Economist under age 40), the Presidential Early Career Award for Scientists and Engineers, among others. He was a member of the 2009 Time 100 (most influential people in the world) and has been twice featured in Esquire "Genius issue." Roland earned a Bachelor of Arts degree in Economics from the University of Texas at Arlington and a Doctor of Philosophy in Economics from Penn State University.

• Richard A. Laxer is a veteran of GE Capital, serving the company for 34 years before retiring in 2018 as CEO and Chairman. Richard held a number of senior executive roles at GE Capital across the US, Asia and Europe, and led large, multi-billion dollar global businesses in developing and executing financing strategies critical to the success of world-leading businesses. Richard has extensive experience in M&A, having taken companies public and served on public company boards. He used his experience and expertise to advise companies which are using cutting-edge and innovative technologies to disrupt the financial services industry. Richard has served as a senior advisor to Warburg Pincus and is currently a non-executive director to three of its portfolio companies: Vodeno Technology, and Singular Bank, in addition to Aion Bank, of which he is a Chair. He has proven experience navigating complex market conditions, managing enterprise risk alongside restructuring and integrating large businesses to deliver on financial targets, and his extensive expertise of financing strategies includes private equity, debt, corporate and commercial finance. Richard joined GE Capital in 1984 after gaining a Bachelor of Arts degree in Business, with a minor in Economics, from Skidmore College, Saratoga Springs, New York.

• Gabrielle Vitale is a recently retired executive of American Express with extensive experience in operations, corporate governance, compliance and risk management attained throughout her successful career of 37 years. She is a strategic leader with deep expertise in cyber, technology, finance, operational and regulatory risk management. In her most recent position at American Express, Gabrielle was EVP and Global Chief Compliance and Ethics officer. In this role she was also an Officer of American Express National Bank and served both Audit and Risk Committees of the Bank and the Holding Company. Other critical roles include Global Operational Risk Officer, Chief Information Security Officer, and CFO in the American Express Business Travel unit. Gabrielle is committed to nonprofit service. She serves as an executive officer of the board of trustees of the Phoenix Zoo, and Chairs the Finance and Audit Committee. She is a member of the International Women’s Forum including the Arizona chapter. Gabrielle earned a Bachelor of Science degree in Finance from Arizona State University.

"Our partners choose Cross River to be able to provide their customers great technology-driven banking products and services, underpinned by outstanding risk management, regulatory compliance, innovation and nimbleness," said Phillip Riese, Lead Independent Director of Cross River’s Board. "Roland, Rich and Gabby have everything we need to take our success to date and, working through our great executive team, drive us further and faster. We welcome them wholeheartedly."

Cross River’s products and clients are powering millions of businesses and consumers across the globe, daily. The Board announcement comes on the heels of the Company’s anniversary, of which it marked 16 years of trailblazing growth in the financial services industry. To date, Cross River has provided access to credit to nearly one hundred million consumers and is nearing its one billionth payments transaction. The Company is poised to continue leading the way in the development of innovative solutions with investments in infrastructure capabilities, cross border solutions and prepaid offerings.

About Cross River

Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.

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