Overview / Commentary
Independence Bank (RI) is headquartered in EAST GREENWICH and is the 7th largest bank in the state of Rhode Island. It is also the 4,494th largest bank in the nation. It was established in 2003 and as of June of 2024, it had grown to 6 employees at 1 location. Independence Bank (RI) has a B+ health rating.
Health
B+
Data as of Q2 2024
Learn why bank health mattersAdditional 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
| Overall | |
|---|---|
| FDIC Certificate # | 57379 |
| Year Established | 2003 |
| Employees | 6 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -2.82% |
| Return on Equity - YTD | -3% |
| Annual Interest Income | $566K |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $20.7MM$29.6MM |
| Loans | Q2 2024vs Q2 2023 | $0$0 |
| Deposits | Q2 2024vs Q2 2023 | $0$6.6MM |
| Equity Capital | Q2 2024vs Q2 2023 | $19.9MM$21.3MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $0$0 |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $0$0 |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |