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 4,493rd largest bank in the nation. It was established in 2003 and as of June of 2021, it had grown to 16 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 - YTD0.71%
Return on Equity - YTD2.37%
Annual Interest Income$1.8MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$64.1MM$67.2MM
LoansQ2 2021vs Q2 2020$35.6MM$43.9MM
DepositsQ2 2021vs Q2 2020$43.4MM$46.3MM
Equity CapitalQ2 2021vs Q2 2020$20.1MM$19.5MM
Loan Loss AllowanceQ2 2021vs Q2 2020$8.2MM$9.8MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$885.00K$1.6MM
Real Estate OwnedQ2 2021vs Q2 2020$100.00K$144.00K
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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

0.25%--Personal Savings
0.25%--Business Savings

Independence Bank (RI) Money Market Rates

0.25%--Personal Money Market
0.25%--Business Money Market

Independence Bank (RI) Checking Account Rates

0.15%--Personal Checking
0.15%--Business Checking

Independence Bank (RI) CD Rates

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

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

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