Dec, 31, 2022 — 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 73 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 |
|---|---|
| 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 |
|---|---|
| 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 |
|---|---|
| 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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