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Overview / Commentary
1370 South County Trail
East Greenwich, RI 02818

Independence Bank (RI) is headquartered in East Greenwich and is the 10st largest bank in the state of Rhode Island. It is also the 6,031st largest bank in the nation. It was established in 2003 and as of December of 2013, it had grown to 23 employees at 1 location. Independence Bank (RI)'s money market rates are 14% higher than the national average, and it has a B health rating.

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Data for Q4 2013

Institution Health

Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Independence Bank (RI) has a low asset base.

Texas Ratio


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 Independence Bank (RI) had $649,000 in non-current loans and owned real-estate with $8.18 million in equity and loan loss allowances on hand to cover it. This gives Independence Bank (RI) a Texas Ratio of 7.94% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Independence Bank (RI) decreased dramatically from 11.34% as of December 31, 2012 to 7.94% as of December 31, 2013, resulting in a positive change of 30.00%.This indicates that the balance sheet and financial strength for Independence Bank (RI) has improved dramatically in recent periods.

Deposit Growth


In the past year, Independence Bank (RI) has decreased its total deposits by -$9.12 million, resulting in -18.32% 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 Independence Bank (RI) has shown is poor.



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. Independence Bank (RI) has $49.12 million in assets with $8.18 million in equity, resulting in a capitalization level of 16.65%, which is excellent.

Institution Statistics

FDIC Certificate #57379
Year Established2003
Primary RegulatorFDIC
Assets and Liabilities
Assets$49.12 million
Loans$24.68 million
Deposits$40.66 million
Equity Capital$6.56 million
Loan Loss Allowance$1.62 million
Unbacked Noncurrent Loans$64,000
Real Estate Owned$585,000
Historic Data - December 2012
Assets$61.15 million
Equity Capital$7.25 million
Loan Loss Allowance$1.60 million
Unbacked Noncurrent Loans$64,000
Real Estate Owned$65,000
Profit Margin - Quarterly
Net Interest Margin3.76%
Return on Assets0.89%
Return on Equity7.24%
Interest Income$2.03 million

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Independence Bank (RI) Savings Account Rates

0.50%$50k-Personal Savings
0.50%$50k-Business Savings Account

Independence Bank (RI) Money Market Rates

0.50%$50k-Money Market
0.50%$50k-Business Money Market Account

Independence Bank (RI) Checking Account Rates

0.25%--Personal Checking
0.25%--Business Checking

Independence Bank (RI) CD Rates

1.50%$1k-60 Month CD
1.50%$1k-Business 60 Month CD
1.25%$1k-48 Month CD
1.25%$1k-Business 48 Month CD
1.00%$1k-36 Month CD
1.00%$1k-Business 36 Month CD
0.75%$1k-24 Month CD
0.75%$1k-Business 24 Month CD
0.50%$1k-11 Month CD
0.50%$1k-15 Month CD
0.50%$1k-Business 11 Month CD
0.50%$1k-Business 15 Month CD
0.40%$1k-5 Month CD
0.40%$1k-Business 5 Month CD

Independence Bank (RI) Locations
Independence Bank1370 South County TrailEast Greenwich, RI 2818