Mar, 31, 2022 — OCEAN STATE CREDIT UNION is a federally insured state chartered credit union headquartered in COVENTRY, RI with 4 branch locations and about $335.91 million in total assets. Opened 72 years ago in 1950, OCEAN STATE CREDIT UNION has about 23,134 members and employs 56 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: | http://www.oceanstatecu.org |
Branches: | 4 branch locations |
Members: | 23,134 |
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: | Mar 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $335,913,223 |
CEO/Manager: | David Root |
Chairperson: | MICHAEL D AIRHART |
ASSETS: | $ Amount |
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Cash & Equivalents | 55,808,791 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 75,337,875 |
Unsecured Loans | 3,251,280 |
Other Loans | 152,527,262 |
TOTAL LOANS | 244,861,383 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -228,034 |
Land And Building | 7,411,706 |
Other Fixed Assets | 605,137 |
NCUSIF Deposit | 2,834,597 |
All Other Assets | 0 |
TOTAL ASSETS | 335,913,223 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 89,813 |
Notes & Interest Payable | 10,000,000 |
Accounts Payable & Other Liabilities | 4,443,753 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 52,413,839 |
Regular shares | 117,901,406 |
All Other Shares & Deposits | 115,558,240 |
TOTAL SHARES & DEPOSITS | 285,873,485 |
TOTAL LIABILITIES | 300,407,051 |
Regular Reserve | 0 |
Other Reserves | 5,081,981 |
Undivided Earnings | 30,424,191 |
TOTAL EQUITY | 35,506,172 |
TOTAL LIABILITIES, SHARES, & EQUITY | 335,913,223 |
INCOME & EXPENSE | |
Loan Income | 2,455,106 |
Investment Income | 52,380 |
Other Income | 516,363 |
Total Employee Compensation & Benefits | 1,102,652 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,314,495 |
Non-operating Income & (Expense) | 8,838 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
Cost of Funds | 360,480 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 577,512 |
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