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Independence Bank (RI)


Overview / Commentary
www.independence-bank.com
401-886-4600
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 4,474th largest bank in the nation. It was established in 2003 and as of March of 2021, it had grown to 16 employees at 1 location. Independence Bank (RI) has a B+ health rating.

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Health
B+

Data as of Q1 2021

Learn why bank health matters
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 relatively low asset base.

Health Grade Components

Overall
FDIC Certificate #57379
Year Established2003
Employees16
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.52%
Return on Equity - YTD1.77%
Annual Interest Income$881.00K
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$67.5MM$67.6MM
LoansQ1 2021vs Q1 2020$37.7MM$45.8MM
DepositsQ1 2021vs Q1 2020$46.4MM$46.8MM
Equity CapitalQ1 2021vs Q1 2020$20.0MM$19.3MM
Loan Loss AllowanceQ1 2021vs Q1 2020$8.7MM$10.0MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$1.0MM$1.6MM
Real Estate OwnedQ1 2021vs Q1 2020$447.00K$144.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Independence Bank (RI) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--Personal Savings
0.25%--Business Savings

Independence Bank (RI) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--Personal Money Market
0.25%--Business Money Market

Independence Bank (RI) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%--Personal Checking
0.15%--Business Checking

Independence Bank (RI) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%$1k-60 Month CD
0.75%$1k-Business 60 Month CD
0.60%$1k-48 Month CD
0.60%$1k-Business 48 Month CD
0.50%$1k-36 Month CD
0.50%$1k-Business 36 Month CD
0.45%$1k-24 Month CD
0.45%$1k-Business 24 Month CD
0.40%$1k-18 Month CD
0.40%$1k-Business 18 Month CD
0.35%$1k-12 Month CD
0.35%$1k-Business 12 Month CD
0.15%$1k-9 Month CD
0.15%$1k-Business 9 Month CD
Locations


Independence Bank (RI) Locations
Independence Bank1370 South County TrailEast Greenwich, RI 02818

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