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 4,418th largest bank in the nation. It was established in 2003 and as of June of 2022, it had grown to 17 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 relatively low asset base.

Health Grade Components

FDIC Certificate #57379
Year Established2003
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.14%
Return on Equity - YTD3.33%
Annual Interest Income$1.6MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$59.3MM$64.1MM
LoansQ2 2022vs Q2 2021$26.3MM$35.6MM
DepositsQ2 2022vs Q2 2021$37.7MM$43.4MM
Equity CapitalQ2 2022vs Q2 2021$21.2MM$20.1MM
Loan Loss AllowanceQ2 2022vs Q2 2021$6.4MM$8.2MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$263.00K$885.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$100.00K

Rates for Independence Bank (RI) are currently being reviewed.


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

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