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 |
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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 |
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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 |
ASSETS: | $ Amount |
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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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» See also Statement of Financial Condition