Sep, 30, 2025 — OCEAN STATE CREDIT UNION is a federally insured state chartered credit union headquartered in COVENTRY, RI with 6 branch locations and about $334.32 million in total assets. Opened 76 years ago in 1950, OCEAN STATE CREDIT UNION has about 21,954 members and employs 57 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: | 6 branch locations |
| Members: | 21,954 |
| 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, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $334,320,981 |
| CEO/Manager: | Michael R Garvey |
| Chairperson: | MICHAEL D AIRHART |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 12,056,976 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 123,284,512 |
| Unsecured Loans | 2,517,148 |
| Other Loans | 161,489,368 |
| TOTAL LOANS | 287,291,028 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -598,971 |
| Land And Building | 10,087,506 |
| Other Fixed Assets | 951,448 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,587,364 |
| All Other Assets | 126,868 |
| TOTAL ASSETS | 334,320,981 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 382,637 |
| Notes & Interest Payable | 25,000,000 |
| Accounts Payable & Other Liabilities | 4,342,975 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 48,597,183 |
| Regular shares | 90,111,769 |
| All Other Shares & Deposits | 126,232,677 |
| TOTAL SHARES & DEPOSITS | 264,941,629 |
| TOTAL LIABILITIES | 294,667,241 |
| Regular Reserve | 0 |
| Other Reserves | 5,094,771 |
| Undivided Earnings | 34,558,969 |
| TOTAL EQUITY | 39,653,740 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 334,320,981 |
| INCOME & EXPENSE | |
| Loan Income | 10,763,492 |
| Investment Income | 1,031,494 |
| Other Income | 1,445,397 |
| Total Employee Compensation & Benefits | 3,769,904 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 4,823,705 |
| Non-operating Income & (Expense) | -372 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 108,471 |
| Cost of Funds | 3,977,526 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 759,106 |
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