Independence Bank (RI)

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

Independence Bank (RI) is headquartered in EAST GREENWICH and is the 7th largest bank in the state of Rhode Island. It is also the 4,521st largest bank in the nation. It was established in 2003 and as of September of 2023, it had grown to 12 employees at 1 location. Independence Bank (RI) has a B health rating.


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

Health Grade Components

FDIC Certificate #57379
Year Established2003
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-3.54%
Return on Equity - YTD-5.56%
Annual Interest Income$1.1MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$28.4MM$59.7MM
LoansQ3 2023vs Q3 2022$0$26.9MM
DepositsQ3 2023vs Q3 2022$5.6MM$32.2MM
Equity CapitalQ3 2023vs Q3 2022$21MM$23.3MM
Loan Loss AllowanceQ3 2023vs Q3 2022$0$0
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$0$179K
Real Estate OwnedQ3 2023vs Q3 2022$0$0
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Independence Bank (RI) Savings Account Rates

0.01%--Personal Savings
0.01%--Business Savings

Independence Bank (RI) Money Market Rates

0.01%--Personal Money Market
0.01%--Business Money Market

Independence Bank (RI) Locations
Independence Bank1370 S County TrlEast Greenwich, RI 02818

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