Independence Bank (RI)

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

Independence Bank (RI) is headquartered in East Greenwich and is the 8th largest bank in the state of Rhode Island. It is also the 4,580th largest bank in the nation. It was established in 2003 and as of June of 2019, it had grown to 25 employees at 1 location. Independence Bank (RI)'s CD rates are 83% higher than the national average, and it 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 relatively low asset base.

Health Grade Components

FDIC Certificate #57379
Year Established2003
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD7.79%
Return on Equity - YTD28.88%
Annual Interest Income$3.2MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$66.3MM$63.3MM
LoansQ2 2019vs Q2 2018$45.7MM$45.8MM
DepositsQ2 2019vs Q2 2018$46.7MM$48.3MM
Equity CapitalQ2 2019vs Q2 2018$18.5MM$13.9MM
Loan Loss AllowanceQ2 2019vs Q2 2018$12.5MM$8.1MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$2.0MM$969.00K
Real Estate OwnedQ2 2019vs Q2 2018$154.00K$402.00K
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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

0.75%*$25k*-Personal Savings
OTHER TIERS: 0.50% $45 - $25k
0.75%*$25k*-Business Savings
OTHER TIERS: 0.50% $45 - $25k

Independence Bank (RI) Money Market Rates

0.75%*$25k*-Personal Money Market
OTHER TIERS: 0.50% $45 - $25k
0.75%*$25k*-Business Money Market
OTHER TIERS: 0.50% $45 - $25k

Independence Bank (RI) Checking Account Rates

0.75%*$25k*-Personal Checking
OTHER TIERS: 0.50% $45 - $25k
0.75%*$25k*-Business Checking
OTHER TIERS: 0.50% $45 - $25k
0.75%*$25k*-IOLTA Checking
OTHER TIERS: 0.50% $45 - $25k

Independence Bank (RI) CD Rates

2.10%$1k-24 Month CD
2.10%$1k-Business 24 Month CD
1.85%$1k-18 Month CD
1.85%$1k-Business 18 Month CD
1.75%$1k-60 Month CD
1.75%$1k-Business 60 Month CD
1.65%$1k-12 Month CD
1.65%$1k-Business 12 Month CD
1.50%$1k-48 Month CD
1.50%$1k-Business 48 Month CD
1.40%$1k-9 Month CD
1.40%$1k-Business 9 Month CD
1.25%$1k-36 Month CD
1.25%$1k-Business 36 Month CD

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

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