Sep, 30, 2025 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 3 branch locations and about $147.61 million in total assets. Opened 88 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 6,886 members and employs 23 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WAVE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 480 Greenwich Ave WARWICK, RI 02886-1606 |
| Phone: | (401) 781-1020 |
| Fax: | (401) 562-1290 |
| Website: | https://www.wavefcu.org |
| Branches: | 3 branch locations |
| Members: | 6,886 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24501 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1938 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $147,611,559 |
| CEO/Manager: | David P Dupere |
| Chairperson: | Kenneth M Mallette, Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 23,114,955 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 67,784,402 |
| Unsecured Loans | 2,092,457 |
| Other Loans | 9,569,051 |
| TOTAL LOANS | 79,445,910 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -434,720 |
| Land And Building | 3,074,098 |
| Other Fixed Assets | 212,139 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,218,259 |
| All Other Assets | 27,001 |
| TOTAL ASSETS | 147,611,559 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 864,262 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 25,687,187 |
| Regular shares | 53,772,041 |
| All Other Shares & Deposits | 48,548,367 |
| TOTAL SHARES & DEPOSITS | 128,007,594 |
| TOTAL LIABILITIES | 128,871,856 |
| Regular Reserve | 0 |
| Other Reserves | 4,768,917 |
| Undivided Earnings | 13,970,786 |
| TOTAL EQUITY | 18,739,703 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 147,611,559 |
| INCOME & EXPENSE | |
| Loan Income | 3,307,322 |
| Investment Income | 1,572,413 |
| Other Income | 392,286 |
| Total Employee Compensation & Benefits | 1,465,425 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 1,813,808 |
| Non-operating Income & (Expense) | -7,696 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 70,000 |
| Cost of Funds | 1,380,810 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 562,611 |
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