Shoreham Bank is headquartered in WARWICK and is the 6th largest bank in the state of Rhode Island. It is also the 1,863rd largest bank in the nation. It was established in 1979 and as of June of 2024, it had grown to 110 employees at 4 locations. Shoreham Bank's savings rates are 10X the national average, and it has an A health rating.
Im finding all older reviews on this current rate leader. ALL 3 month CDs should be at least 5.5% since a lot of HYSAs are paying that much likely to go higher 4th quarter 2023. General consensus is a rates plateau then anticipating a pivot sometime in 2024.
Had to email them to get a reply; no real phone customer service. But they only let you open an account if you go into the branch in person for a savings account. For an eCD, can be done online, but rates very low so probably not too many customers. This is why they have no support staff.
April 16, 2024 - Shoreham Bank requires ALL NEW ACCOUNTS must be opened in-person only. NO NEW ACCOUNTS VIA WEBSITE. Reason: "We want to build a relationship". In 2024 this bank still doesn't understand modern banking. If they were inviting me out to dinner or to vacation with the CEO that would be "building a relationship".
At Shoreham Bank, we offer competitive CD (Certificate of Deposit). Visit one of our locations
This bank is one of the worst companies to work with. Their customer service is terrible. Even the Loan Customer Service Managers do not service their calls. They transfer you to a collection department. Then you get put into a voicemail system that is a dead end. I have been charged fees when I wasn't advised that they charge $5.00 for taking payments over the phone. If you use an on-line portal, they charge another extra $5.00. No one ever returns calls. Maybe the Better Business Bureau can get their attention.
| Overall | |
|---|---|
| FDIC Certificate # | 27417 |
| Year Established | 1979 |
| Employees | 110 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.91% |
| Return on Equity - YTD | 7.75% |
| Annual Interest Income | $18.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $469.1MM$388.5MM |
| Loans | Q2 2024vs Q2 2023 | $398.7MM$327.3MM |
| Deposits | Q2 2024vs Q2 2023 | $413.3MM$328.9MM |
| Equity Capital | Q2 2024vs Q2 2023 | $52.5MM$50MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $8.1MM$7.3MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $4.2MM$4.8MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $128K$102K |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 5.10% | $25k | - | Soaring Savings | ||
| 0.25%* | $75k* | - | Statement Savings | ||
| OTHER TIERS: 0.15% → $0 - $25k | 0.20% → $25k - $75k | |||||
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.50% | $2.5k | - | Premier Checking | |
| 1.00% | $0 | - | Loyalty Checking |
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 5.50% | $1k | - | 3 Month CD | |
| 4.25% | $1k | - | 3 Year CD | |
| 4.25% | $1k | - | 5 Year CD | |
| 4.25% | $1k | - | 4 Year CD | |
| 1.50% | $1k | - | 2 Year CD | |
| 0.90% | $1k | - | 1 Year CD |
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 4.25% | $1k | - | 3 Year IRA | |
| 4.25% | $1k | - | 5 Year IRA | |
| 4.25% | $1k | - | 4 Year IRA | |
| 1.50% | $1k | - | 2 Year IRA | |
| 0.90% | $1k | - | 1 Year IRA |
| Shoreham Bank Locations | ||
|---|---|---|
| Home Loan Investment Bank, F.S.B. | 1 Home Loan Plz | Warwick, RI 02886 |
| 2381 Post Road Branch | 2381 Post Road | Warwick, RI 02886 |
| Wickenden Branch | 187 Wickenden Street | Providence, RI 02903 |
| Cowesett Branch | 3803 Post Road | Warwick, RI 02886 |