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 |
| 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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