Overview
What is Ocean State Credit Union?
Ocean State Credit Union is a member-owned cooperative based in Coventry, Rhode Island. Located at 2006 Nooseneck Hill Road, the credit union operates with a team of 58 employees. Its primary mission is to provide affordable financial services to its members. The credit union derives income through investments and loan activities, which in turn enable it to offer competitive rates and discounts on loans and financial services to its depositors.
Official website here: www.coventrycu.org
What do the Facebook reviews say about Ocean State Credit Union?
60% of users recommend Ocean State Credit Union based on 12 reviews. Here’s a summary of their thoughts:
Several customers appreciate the bank for its overall reliability and customer service. However, a significant concern was raised about the slow adoption of new technology, notably the absence of features like Apple Pay. This has led some users to express frustration, particularly those who view it as a critical enhancement that competitors are already offering.
Despite the positive sentiments towards the quality of service, the lack of modern banking features appears to be a substantial drawback for many. Some customers feel that if switching banks weren't so inconvenient, they might consider exploring other options that provide more up-to-date services.
This AI summary has been generated from reviews found on Facebook.
Is Ocean State Credit Union legitimate?
Ocean State Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Ocean State Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $763,587
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,696,492
For more financial information, click here
Official website here: www.coventrycu.org
What is the mission statement of Ocean State Credit Union?
Ocean State Credit Union is a cooperative financial institution owned by its member depositors. Its primary goal is to offer affordable financial services to its members. The credit union generates income through investments and lending activities, which in turn facilitate the provision of low-cost financial services to its members. By focusing on affordability, Ocean State Credit Union aims to make financial solutions accessible to its depositor-owners. Through its financial services, the credit union contributes to the financial well-being of its members. The cooperative structure ensures that the financial institution remains accountable to its members, reinforcing the commitment to providing cost-effective financial solutions.
Official website here: www.coventrycu.org
Who is the CEO of Ocean State Credit Union?
David Root is the President/Ceo of Ocean State Credit Union. The CEO's salary of Ocean State Credit Union is $330,000 and their total compensation is $330,000.
Official website here: www.coventrycu.org
What is the revenue of Ocean State Credit Union?
Ocean State Credit Union's revenue in 2022 was $13,825,699.
Official website here: www.coventrycu.org
Who are the executives of Ocean State Credit Union and what are their salaries?
The average compensation at Ocean State Credit Union during 2022 was $59,657. There are 58 employees at Ocean State Credit Union.
Here are 15 key members and their salaries (Ocean State Credit Union's CEO's salary is $330,000 and their total compensation is $330,000):
- Compensation: $330,000
- Related: $0
- Other: $0
- Compensation: $182,089
- Related: $0
- Other: $0
- Compensation: $110,898
- Related: $0
- Other: $0
- Compensation: $14,300
- Related: $0
- Other: $0
- Compensation: $12,600
- Related: $0
- Other: $0
- Compensation: $12,600
- Related: $0
- Other: $0
- Compensation: $12,600
- Related: $0
- Other: $0
- Compensation: $11,550
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $11,400
- Related: $0
- Other: $0
- Compensation: $10,450
- Related: $0
- Other: $0
- Compensation: $9,500
- Related: $0
- Other: $0
Official website here: www.coventrycu.org
Where can I find the form 990 for Ocean State Credit Union?
Ocean State Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.coventrycu.org
Learn more at the official website: www.coventrycu.org
Mission Statement of Ocean State Credit Union
Ocean State Credit Union, a co-operative owned by its member depositors, is dedicated to providing affordable financial services. This mission is made possible through the income generated from investments and lending activities. By offering low-cost financial services, Ocean State Credit Union sets itself apart as a financial institution committed to its members' best interests.
The Credit Union's primary objective is to serve its members effectively. The income it earns from loan and investment activities plays a crucial role in maintaining this commitment. By keeping costs low, Ocean State Credit Union ensures that it remains accessible to its members, offering them financial services that cater to their unique needs and circumstances. This approach allows the Credit Union to build strong relationships with its members, fostering trust and loyalty over time.
Ocean State Credit Union's activities are centered around its members. As a cooperative, it exists to serve and support its depositors, providing them with the financial tools they need to manage their money and achieve their financial goals. In doing so, the Credit Union empowers its members, enabling them to take control of their finances and build a more secure future. Through its dedication to providing low-cost financial services, Ocean State Credit Union continues to make a positive impact on the lives of its members.
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Impact
October, 2024
Ocean State Credit Union significantly impacts the community by providing low-cost financial services to its members in Coventry, RI. As a cooperative owned by its member depositors, the Credit Union channels the income generated from loans and investments back to its members. This approach not only fosters a sense of community ownership but also ensures that members have access to affordable financial products. By prioritizing the financial well-being of its member depositors, Ocean State Credit Union contributes to local economic stability and empowers individuals to make informed financial decisions.
This information is meant to be a general summary of Ocean State Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $704,768
- Program Service Revenue: $13,120,931
- Gross Receipts: $13,825,699
Assets and Liabilities:
- Total Assets: $344,864,750
- Total Liabilities: $307,988,350
- Net Assets: $36,876,400
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interest and fees on loans
Revenue
$10,468,769
Other fees and charges
Revenue
$2,198,835
Sale of consumer mortgages
Revenue
$32,867
Other operating income
Revenue
$420,460
Organization Details
Founding Year
1950
Phone
(401) 397-1900Principal Officer
David Root
Main Address
2006 Nooseneck Hill Road, Coventry, RI, 02816
Website
www.coventrycu.orgNTEE Category
Code: W60 - Public benefit
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