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OCEAN STATE CREDIT UNION

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
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
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

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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