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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 8th largest bank in the state of Rhode Island. It is also the 4,524th largest bank in the nation. It was established in 2003 and as of December of 2019, it had grown to 18 employees at 1 location. Independence Bank (RI)'s money market rates are 70% higher than the national average, and it has a B+ health rating.

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Health
B+

Data as of Q4 2019

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
Employees18
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD4.31%
Return on Equity - YTD15.55%
Annual Interest Income$6.2MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$65.4MM$63.8MM
LoansQ4 2019vs Q4 2018$47.6MM$48.8MM
DepositsQ4 2019vs Q4 2018$45.5MM$46.5MM
Equity CapitalQ4 2019vs Q4 2018$18.8MM$16.4MM
Loan Loss AllowanceQ4 2019vs Q4 2018$10.6MM$10.6MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$1.5MM$2.2MM
Real Estate OwnedQ4 2019vs Q4 2018$154.00K$171.00K
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
0.75%*$25k*-Personal Savings
OTHER TIERS: 0.50% → Up to $25k
0.75%*$25k*-Business Savings
OTHER TIERS: 0.50% → Up to $25k

Independence Bank (RI) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$25k*-Personal Money Market
OTHER TIERS: 0.50% → Up to $25k
0.75%*$25k*-Business Money Market
OTHER TIERS: 0.50% → Up to $25k

Independence Bank (RI) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$25k*-Personal Checking
OTHER TIERS: 0.50% → Up to $25k
0.75%*$25k*-Business Checking
OTHER TIERS: 0.50% → Up to $25k

Independence Bank (RI) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%$1k-48 Month CD
1.50%$1k-60 Month CD
1.50%$1k-Business 48 Month CD
1.50%$1k-Business 60 Month CD
1.25%$1k-36 Month CD
1.25%$1k-Business 36 Month CD
1.15%$1k-24 Month CD
1.15%$1k-Business 24 Month CD
1.10%$1k-18 Month CD
1.10%$1k-Business 18 Month CD
1.00%$1k-12 Month CD
1.00%$1k-Business 12 Month CD
0.50%$1k-9 Month CD
0.50%$1k-Business 9 Month CD
Locations


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

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