People's Credit Union is headquartered in Middletown and is the 4th largest credit union in the state of Rhode Island. It is also the 579th largest credit union in the nation. It was established in 1922 and as of June of 2023, it had grown to 116 employees and 40,413 members at 6 locations. People's Credit Union's CD rates are 3X the national average, and it has a B+ health rating.
Field of Membership Restrictions
People's Credit Union is open to anyone. Please see online application for more information.
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Terrible Management
They let the best manager they ever had go unjustly. This manager had managed almost every branch they had. I lived in Narragansett and followed him to every branch he worked. Dennis would go above and beyond for me. He would even balance my check book for me. He was the best. I will certainly open my accounts at the next employer who is lucky enough to have him. The situation was a mistake that never should have happened and had nothing to do with his employment. As a matter of fact it is my understanding a more serious situation along the same lines as what happened to Dennis occurred with another Employee only that situation was legitimate and the promoted that employee. Do not ever work for this company RUN and since they are so unfair to their employees imagine how they will treat their members
A Little Bit Fishy And Unpleasant
They offered a credit card that gave 3 points on some purchases. What they didn't say is that this really isn't 3%. The points are worth less, and so it turned out to be about 1.3%. I talked to them when I realized this, but they think it is perfectly fine to do this.
I think this is deceptive advertising, so I no longer trust them about anything.
Update in 2019: The other cus locally seem very nice. Their employees are pleasant and helpful. Not so with People's. Also People's for a long time has had the lowest rates on CDs in the area. I came into People's recently to withdraw my IRA RMD (required minimum distribution) and the employee was snarky, said I couldn't take it out, that I was breaking a contract about the account, all of which was not true. I had to email the branch supervisor and come in a second time to do this.
Update in 2020: They don't offer two factor authentication, so they are less secure than other local financial institutions. I have moved almost all of my savings elsewhere. Frankly, I don't know how they stay in business.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 65861 |
| Year Chartered | 1922 |
| Employees | 116 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.3% |
| Return on Equity - YTD | 3.37% |
| Annual Interest Income | $11.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $702.0MM$657.8MM |
| Loans | Q2 2023vs Q2 2022 | $557.7MM$512.1MM |
| Deposits | Q2 2023vs Q2 2022 | $560.2MM$572.5MM |
| Equity Capital | Q2 2023vs Q2 2022 | $62.3MM$59.3MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$3.1MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $2.0MM$869.00K |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |