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Ocean State Credit Union

Overview
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Ocean State Credit Union is a federally insured state credit union based in Coventry, Rhode Island. It has been opened since 1950, for 70 years.

With around $270,510,000 in assets, Ocean State Credit Union is considered to be a very large credit union. It has 4 branches and 4 ATM locations.

About
Address 2006 Nooseneck Hill Road
Coventry, Rhode Island 02816
Website http://www.oceanstatecu.org
Phone (401) 397-1900
Fax (401) 397-1912
CEO David Root
President of the Board Roger Laliberte
Services Offered
Map
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Score Card
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70 years
Years in business
Opened in 1950
Well Capitalized
Net worth classification
Source: NCUA
22,874 members
Membership type: State chartered natural person credit union
Above average number of members
412:1
Credit union member to staff ratio
412 per each FTE employee
Compared to 411:1 nationally
Fewer staff
$270,512,963
Total assets
Above average
4 branches
Compared with an average of 4 nationally and 3 in Rhode Island
Above average number of branches
0.10%
Savings interest rate
Compared to 0.3% nationally
11.00%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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4 branches
Compared with an average of 4 nationally and 3 in Rhode Island
Above average number of branches
Ocean State Credit Union Branch Locations

Ocean State Credit Union: North Kingstown Branch
7373 Post Road
North Kingstown, Rhode Island 02852
ATM Available
Ocean State Credit Union: Operation Center
2006 Nooseneck Hill Road
Coventry, Rhode Island 02816
No ATM
Ocean State Credit Union: Nooseneck Branch
1584 Nooseneck Hill Road
Coventry, Rhode Island 02816
ATM Available
Ocean State Credit Union: Main Street Branch
1076 Main Street
Coventry, Rhode Island 02816
ATM Available
Ocean State Credit Union: Phenix Branch
744 Main Street
West Warwick, Rhode Island 02893
ATM Available
Members
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22,874 members
Membership type: State chartered natural person credit union
Above average number of members

With 22,874 members, the Ocean State Credit Union is considered to be a very large credit union. It is among the largest of credit unions and is larger than 84% of credit unions.

Fees
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$101
Average fee per member
The average fee per member at the Ocean State Credit Union is $101, which is very high compared to most credit unions. This rate is higher than 85% of all credit unions.
Fees are higher than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Ocean State Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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412:1
Credit union member to staff ratio
412 per each FTE employee
Compared to 411:1 nationally
Fewer staff
56 staff members
FTE (full-time equivalent)
24% of employees are part-time
48 full-time, 15 part-time

Ocean State Credit Union has 48 full-time staff members and 15 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 76% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Ocean State Credit Union has around 412 members per staff, a higher ratio compared to other credit unions.

Assets
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$270,512,963
Total assets
Above average
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
9.8%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$58,121
Average loan and lease size
Loan & lease sizes are big! They are bigger than at 99% of credit unions.

Ocean State Credit Union holds a total of $211,040,000 in loans and leases, which is about $58,121 per member on average.

Savings interest rate
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0.10%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Ocean State Credit Union pays 0.10%.

Loan rates
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11.00%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
15.00%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
5.48%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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4.57%
New car loan rate
Compared to 4.0% nationally
5.50%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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5.00%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
4.24%
Other real estate loan rates
Compared to 0.9% nationally