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401-397-1900
2006 Nooseneck Hill Road
Coventry, RI 02816

Coventry Credit Union is headquartered in Coventry and is the 6th largest credit union in the state of Rhode Island. It is also the 830th largest credit union in the nation. It was established in 1950 and as of March of 2014, it had grown to 52 employees and 27,162 members. Coventry Credit Union's money market rates are 36% higher than the national average, and it has a B health rating.

Field of Membership Restrictions

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Reviews (1)

Good Rates, Nice Customer Service.

I'm a relatively new customer of Coventry Credit Union, but I have been very happy with their customer service and their rates.

They have an IRA specialist who visits the branch near my house several days a week.  I had some extensive discussions with her that were very helpful.  They also handled transferring my accounts from another financial institution quickly and with no trouble and kept me informed about the progress, always important when your money is in the ether somewhere.

They have comparatively high rates, certainly compared to banks and brokerage CDs.  At the time I transferred my accounts, in late 2010, their 5 year CDs were at 3%.  The rates have dropped some, but their 6 year CDs are still, in March 2011, available at 2.85%.

They're a Rhode Island credit union, and are expanding their number of branches.  Currently they have five, which is pretty good coverage for this state.  The branch near my house is new and very convenient.



Health

Data for Q1 2014

Institution Health

B

Texas Ratio

GRADE:
B

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Coventry Credit Union had $3.95 million in non-current loans and owned real-estate with $20.91 million in equity and loan loss allowances on hand to cover it. This gives Coventry Credit Union a Texas Ratio of 18.90% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Coventry Credit Union decreased slightly from 25.64% as of March 31, 2013 to 18.90% as of March 31, 2014, resulting in a positive change of 26.30%.This indicates that the balance sheet and financial strength for Coventry Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
A

In the past year, Coventry Credit Union has increased its total deposits by $7.65 million, resulting in 4.03% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Coventry Credit Union has shown is excellent.

Capitalization

GRADE:
C

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Coventry Credit Union has $237.48 million in assets with $20.91 million in equity, resulting in a capitalization level of 8.80%, which is average.

Institution Statistics

Overall
NCUA #66595
Year Chartered1950
Employees52
Primary Regulator
Assets and Liabilities
Assets$237.48 million
Loans$138.76 million
Deposits$197.68 million
Equity Capital$20.46 million
Loan Loss Allowance$451,000
Unbacked Noncurrent Loans$3.38 million
Real Estate Owned$570,000
Historic Data - March 2013
Assets$229.47 million
Equity Capital$19.97 million
Loan Loss Allowance$956,000
Unbacked Noncurrent Loans$3.38 million
Real Estate Owned$186,000
Profit Margin - Quarterly
Net Interest Margin1.38%
Return on Assets0.41%
Return on Equity4.71%
Interest Income$2.07 million
Rates
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Always verify rates and promotions with the bank or credit union. We are not Coventry Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Coventry Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.15%--Share Account
0.15%--Deposit Account
0.15%--Statement Savings
0.15%--Mortgage Escrow
0.15%--Traditional IRA Share Savings
0.15%--Roth IRA Savings
0.15%--Education IRA Savings

Coventry Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.60%$75k-Money Market Account
0.50%$75k-Buiness Money Market Account

Coventry Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.79%$5k-5 Year CD
1.59%$5k-4 Year CD
1.10%$1k-3 Year CD
0.80%$1k-2 Year CD
0.60%$1k-1 Year CD
0.60%$1k-18 Month CD

Coventry Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.79%$500-5 Year IRA
1.10%$500-3 Year IRA
0.80%$500-2 Year IRA
0.60%$500-1 Year IRA
0.60%$500-18 Month IRA
Locations


Coventry Credit Union Locations
Branch Office1076 MAIN STCOVENTRY, RI 02816
Branch Office7373 POST RdNORTH KINGSTOWN, RI 02852
Branch Office2006 Nooseneck Hill RdCoventry, RI 02816
Branch Office744 MAIN STWEST WARWICK, RI 02893
Branch Office1584 Nooseneck Hill RdCoventry, RI 02816