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WAVE FEDERAL CREDIT UNION

Mar, 31, 2021 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 2 branch locations and about $136.29 million in total assets. Opened 83 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 7,043 members and employs 21 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:2 branch locations
Members:7,043
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, 2020
FHLB Member:No
Low Income Designation:No
Assets:$136,285,794
CEO/Manager:Paul Archambault
Chairperson:Kenneth M Mallette, Jr.

Call Report

  • Commercial Loans
  • Credit Builder
  • Indirect Consumer Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 24,092,744
TOTAL INVESTMENTS 42,883,387
Loans Held for Sale 0
 
 Real Estate Loans 52,317,860
 Unsecured Loans 2,599,174
 Other Loans 9,502,708
 TOTAL LOANS 64,419,742
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -331,664
 Land And Building 3,438,254
 Other Fixed Assets 393,350
 NCUSIF Deposit 1,074,214
 All Other Assets 315,767
  TOTAL ASSETS 136,285,794
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 591,408
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 29,579,676
 Regular shares 60,868,459
 All Other Shares & Deposits 29,969,438
  TOTAL SHARES & DEPOSITS 120,417,573
  TOTAL LIABILITIES 121,008,981
 Regular Reserve 4,537,165
 Other Reserves 233,997
 Undivided Earnings 10,505,651
  TOTAL EQUITY 15,276,813
  TOTAL LIABILITIES, SHARES, & EQUITY 136,285,794
INCOME & EXPENSE  
 Loan Income 687,923
 Investment Income 189,628
 Other Income 163,832
 Total Employee Compensation & Benefits 372,736
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 511,151
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -20,869
 Cost of Funds 78,437
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 118,297
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