Shoreham Bank is headquartered in WARWICK and is the 6th largest bank in the state of Rhode Island. It is also the 1,809th largest bank in the nation. It was established in 1979 and as of March of 2025, it had grown to 106 employees at 4 locations. Shoreham Bank has an A+ health rating.
Old Reviews New Era
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.
Only In-Branch Application For Savings Account
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.
NEW ACCOUNTS IN-PERSON ONLY - NOT ONLINE
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".
Visit One Of Our Locations > At Shoreham Bank, We Offer Competitive CD
At Shoreham Bank, we offer competitive CD (Certificate of Deposit). Visit one of our locations
Extremely Poor Service
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.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27417 |
| Year Established | 1979 |
| Employees | 106 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.26% |
| Return on Equity - YTD | 11.48% |
| Annual Interest Income | $9.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $494.1MM$437.6MM |
| Loans | Q1 2025vs Q1 2024 | $421MM$376.5MM |
| Deposits | Q1 2025vs Q1 2024 | $432.2MM$374.6MM |
| Equity Capital | Q1 2025vs Q1 2024 | $54.1MM$51.6MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $9.6MM$7.5MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $3.6MM$4.2MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $154K$13K |