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OCEAN STATE CREDIT UNION

Dec, 31, 2023 — OCEAN STATE CREDIT UNION is a federally insured state chartered credit union headquartered in COVENTRY, RI with 5 branch locations and about $339.30 million in total assets. Opened 74 years ago in 1950, OCEAN STATE CREDIT UNION has about 22,772 members and employs 65 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:OCEAN STATE CREDIT UNION
Address:
(Main Office)
2006 Nooseneck Hill Rd
COVENTRY, RI 02816
Phone:(401) 397-1900
Fax:(401) 397-1912
Website:https://www.oceanstatecu.org
Branches:5 branch locations
Members:22,772
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:66595
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1950
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$339,298,736
CEO/Manager:Michael R Garvey
Chairperson:MICHAEL D AIRHART

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 18,488,256
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 123,474,131
 Unsecured Loans 3,519,837
 Other Loans 155,886,551
 TOTAL LOANS 282,880,519
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -574,957
 Land And Building 9,665,484
 Other Fixed Assets 805,844
 NCUSIF Deposit 2,642,037
 All Other Assets 22,500
  TOTAL ASSETS 339,298,736
LIABILITIES & CAPITAL:  
 Dividends Payable 283,263
 Notes & Interest Payable 35,000,000
 Accounts Payable & Other Liabilities 4,332,666
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 49,303,356
 Regular shares 96,620,782
 All Other Shares & Deposits 115,890,038
  TOTAL SHARES & DEPOSITS 261,814,176
  TOTAL LIABILITIES 301,430,105
 Regular Reserve 0
 Other Reserves 5,079,452
 Undivided Earnings 32,789,179
  TOTAL EQUITY 37,868,631
  TOTAL LIABILITIES, SHARES, & EQUITY 339,298,736
INCOME & EXPENSE  
 Loan Income 12,867,489
 Investment Income 960,923
 Other Income 2,174,840
 Total Employee Compensation & Benefits 4,823,524
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 5,760,135
 Non-operating Income & (Expense) 16,200
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -21,860
 Cost of Funds 4,257,530
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,360,386
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