Jun, 30, 2024 — OCEAN STATE CREDIT UNION is a federally insured state chartered credit union headquartered in COVENTRY, RI with 4 branch locations and about $337.27 million in total assets. Opened 75 years ago in 1950, OCEAN STATE CREDIT UNION has about 22,940 members and employs 55 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: | 4 branch locations |
Members: | 22,940 |
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: | Sep 01, 2021 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $337,266,168 |
CEO/Manager: | David Root |
Chairperson: | MICHAEL D AIRHART |
ASSETS: | $ Amount |
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Cash & Equivalents | 33,976,067 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 93,309,005 |
Unsecured Loans | 3,954,444 |
Other Loans | 151,783,018 |
TOTAL LOANS | 265,582,247 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -188,008 |
Land And Building | 6,797,146 |
Other Fixed Assets | 541,370 |
NCUSIF Deposit | 2,789,903 |
All Other Assets | 0 |
TOTAL ASSETS | 337,266,168 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 105,548 |
Notes & Interest Payable | 10,000,000 |
Accounts Payable & Other Liabilities | 4,780,880 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 54,423,687 |
Regular shares | 118,345,841 |
All Other Shares & Deposits | 113,231,915 |
TOTAL SHARES & DEPOSITS | 286,001,443 |
TOTAL LIABILITIES | 300,887,871 |
Regular Reserve | 0 |
Other Reserves | 5,055,399 |
Undivided Earnings | 31,322,898 |
TOTAL EQUITY | 36,378,297 |
TOTAL LIABILITIES, SHARES, & EQUITY | 337,266,168 |
INCOME & EXPENSE | |
Loan Income | 7,564,261 |
Investment Income | 436,243 |
Other Income | 1,622,457 |
Total Employee Compensation & Benefits | 3,287,533 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 4,035,774 |
Non-operating Income & (Expense) | 18,553 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 162,501 |
Cost of Funds | 1,084,668 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,476,219 |
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