Ocean State Credit Union is headquartered in Coventry and is the 7th largest credit union in the state of Rhode Island. It is also the 925th largest credit union in the nation. It was established in 1950 and as of June of 2023, it had grown to 49 employees and 23,144 members at 4 locations. Ocean State Credit Union's CD rates are 5X the national average, and it has a B+ health rating.
Bad Website
I've been a customer of Ocean State (recently renamed from Coventry) credit union for a long time, They are basically nice people but they have redesigned their website so that it is wretched to use.
It's one of those designs aimed at smart phones, so it is awkward to use on a pc. The type is giant, and if you try to minimize it with the browser, the pages are thrown off kilter. There is a big wasted amount of white space that prevents minimizing from fixing the bad design.
So if you want to look at all your account balances at once, which I used to be able to do on one page, now it takes me four pages.
Also, they have gone over to the pale, thin type which is hard for older customers to read. (Even people with 20-20 vision have a problem with low contrast when they are over 50 or so.)
As one example of other awkwardness, instead of having a fixed area to type in a username and password, they have a drop down menu that disappears if heaven forbid the cursor moves off it in mid typing.
Really a bad design, and they have been totally unresponsive in terms of fixing it,
I don't know what is the matter with companies that they hire such poor designers and are oblivious to the problems they cause a significant portion of their customer base.
On another topic, they used to lead the area credit unions in interest rates on CDs. Now they're about in the middle.
Good Rates, Nice Customer Service.
Ocean State has really degenerated since I first became a customer. The local branch now has no one who knows how to handle IRAs, so your money can be tied up indefinitely if the one(?) person in the company who knows how to do this is out sick or whatever and can't consult with the local branch by phone, Really incredible.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66595 |
| Year Chartered | 1950 |
| Employees | 49 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.51% |
| Return on Equity - YTD | 4.69% |
| Annual Interest Income | $6.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $340.8MM$338.7MM |
| Loans | Q2 2023vs Q2 2022 | $287.8MM$250.6MM |
| Deposits | Q2 2023vs Q2 2022 | $273.2MM$288.2MM |
| Equity Capital | Q2 2023vs Q2 2022 | $37.4MM$35.8MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$261.00K |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $2.2MM$1.8MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |