Home Loan Investment Bank, F.S.B.

Overview / Commentary
1 Home Loan Plaza
Warwick, RI 02886

Home Loan Investment Bank, F.S.B. is headquartered in Warwick and is the 6th largest bank in the state of Rhode Island. It is also the 2,352nd largest bank in the nation. It was established in 1979 and as of June of 2022, it had grown to 96 employees at 4 locations. Home Loan Investment Bank, F.S.B. has a B+ health rating.

Very Impressive!

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It was very easy to apply online for their 18 months CD account with 3.15% APY! In a matter of minutes (in the end of the process) they had already approved and gave me my account number. I was very impressed because it takes other financial institutions days (and even weeks Andrews FCU).

Only In-Branch Application For Savings Account

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Had to email them to get a reply; no real phone customer service. But they only let you open an account if you go into the branch in person for a savings account. For an eCD, can be done online, but rates very low so probably not too many customers. This is why they have no support staff.

All's Well That Ends Well

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Shortly after 9 a.m. this morning, I began the process of opening a new CD with this bank on line based on their advertised rate of 2.50%. All was well until I got to the Truth in Savings disclosure, which showed an APY of 2.00%.

I spoke to customer service, who told me that the 2.50% rate was no longer good because they were changing the rates today. When I suggested the bank might be guilty of false advertising she contacted her supervisor. I was then advised that they would honor the higher rate if my application was completed before 9:30 a.m. I scrambled to complete the process (which of course took much longer than it should have) and got an email at precisely 9:30 a.m. telling me the application was complete.

At this point the T-I-S statement still shows a 2.00% rate. I believe they will honor their commitment to give me the higher rate, but I haven't seen it in writing yet. I'll update this review once that happens.

UPDATE: I was able to log in to the new account, and the rate shown is the higher rate as promised. So, kudos to the bank for honoring its word, but thumbs down for continuing to show the outdated rate on their website.

Completely Botched Application Process And Incompetent Customer Service

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I applied for the 3.15%?APY 18 month CD on Wednesday, 7/25/18. After answering the identity verification questions correctly, a notice appeared onscreen that I had failed to answer correctly, but then I received an email stating that the account application was accepted.

On Thursday I received an email asking I provide a utility bill which I did and then on Friday I received an email that the account was opened and that I should enroll in online banking and be sure to input my account number.

However, I was not provided an account number so I called the bank and spoke to a customer service person who was clueless. He couldn’t find my account number but assured me he would ask his superiors for help and call me either Saturday or latest Monday, 7/30/18.

Monday came and I had not received a call so I called and spoke to him at 2 PM but again he still couldn’t find the account number number. He said he would call me Tuesday at 2 PM. I don’t know why he had to wait until that late in the day so I angrily told him to find the account number while we were speaking or close the account.

He hung up on me and I called back 5 times and my calls went to voicemail.

I finally got through to another operator two hours later, but she couldn’t help me. She couldn’t even close the account so now if they try to fund the account through an ACH debit, I’m going to have to call my bank and reject the ACH.

This bank and its customer service staff are incompetent.

I will not entrust my money with them. Good luck to those who do.



Health Grade Components

FDIC Certificate #27417
Year Established1979
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD3.04%
Return on Equity - YTD24.79%
Annual Interest Income$9.7MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$326.2MM$362.3MM
LoansQ2 2022vs Q2 2021$275.9MM$279.9MM
DepositsQ2 2022vs Q2 2021$271.3MM$314.5MM
Equity CapitalQ2 2022vs Q2 2021$43.1MM$44.2MM
Loan Loss AllowanceQ2 2022vs Q2 2021$7.3MM$7.8MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$2.9MM$5.4MM
Real Estate OwnedQ2 2022vs Q2 2021$120.00K$405.00K

Rates for Home Loan Investment Bank, F.S.B. are currently being reviewed.


Home Loan Investment Bank, F.S.B. Locations
Home Loan Investment Bank, F.S.B.1 Home Loan PlzWarwick, RI 02886
2381 Post Road Branch2381 Post RoadWarwick, RI 02886
Wickenden Branch187 Wickenden StreetProvidence, RI 02903
Cowesett Branch3803 Post RoadWarwick, RI 02886

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