Coventry Credit Union is headquartered in COVENTRY and is the 6th largest credit union in the state of Rhode Island. It is also the 829th largest credit union in the nation. It was established in 1950 and as of December of 2013, it had grown to 53 employees and 26,960 members. Coventry Credit Union's money market rates are 36% higher than the national average, and it has a B+ health rating.
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.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Coventry Credit Union had $3.76 million in non-current loans and owned real-estate with $20.72 million in equity and loan loss allowances on hand to cover it. This gives Coventry Credit Union a Texas Ratio of 18.16% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Coventry Credit Union decreased dramatically from 29.08% as of December 31, 2012 to 18.16% as of December 31, 2013, resulting in a positive change of 37.57%.This indicates that the balance sheet and financial strength for Coventry Credit Union has improved dramatically in recent periods.
In the past year, Coventry Credit Union has increased its total deposits by $9.63 million, resulting in 5.32% 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.
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 $230.03 million in assets with $20.72 million in equity, resulting in a capitalization level of 9.01%, which is average.
|Assets and Liabilities|
|Equity Capital||$20.21 million|
|Loan Loss Allowance||$506,000|
|Unbacked Noncurrent Loans||$3.08 million|
|Real Estate Owned||$683,000|
|Historic Data - December 2012|
|Equity Capital||$20.09 million|
|Loan Loss Allowance||$1.02 million|
|Unbacked Noncurrent Loans||$3.08 million|
|Real Estate Owned||$55,000|
|Profit Margin - Quarterly|
|Net Interest Margin||5.19%|
|Return on Assets||0.38%|
|Return on Equity||4.31%|
|Interest Income||$7.87 million|
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|0.15%||-||-||Traditional IRA Share Savings|
|0.15%||-||-||Roth IRA Savings|
|0.15%||-||-||Education IRA Savings|
|0.60%||$75k||-||Money Market Account|
|0.50%||$75k||-||Buiness Money Market Account|
|1.80%||$5k||-||5 Year CD|
|1.60%||$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|
|1.80%||$500||-||5 Year IRA (Traditional,CESA,Roth)|
|1.10%||$500||-||3 Year IRA (Traditional,CESA,Roth)|
|0.80%||$500||-||2 Year IRA (Traditional,CESA,Roth)|
|0.60%||$500||-||1 Year IRA (Traditional,CESA,Roth)|
|0.60%||$500||-||18 Month IRA (Traditional,CESA,Roth)|
|Coventry Credit Union Locations|
|Branch Office||1076 MAIN ST||COVENTRY, RI 02816|
|Branch Office||7373 POST Rd||NORTH KINGSTOWN, RI 02852|
|Branch Office||2006 Nooseneck Hill Rd||Coventry, RI 02816|
|Branch Office||744 MAIN ST||WEST WARWICK, RI 02893|
|Branch Office||1584 Nooseneck Hill Rd||Coventry, RI 02816|