Peoples Credit Union

Organization Overview

Peoples Credit Union is located in Middletown, RI. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Peoples Credit Union employed 141 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peoples Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Peoples Credit Union generated $25.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $19.0m during the year ending 12/2021. While expenses have increased by 1.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

STATE CHARTERED CREDIT UNION

Describe the Organization's Program Activity:

Part 3 - Line 4a

PEOPLE'S IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO THE COMMUNITY. PEOPLE'S PROVIDED 15,241 LOANS TO MEMBERS. THE OUTSTANDING LOAN BALANCE AT 12/31/21 WAS $530,221,890.


PEOPLE'S MAINTAINS SAVINGS ACCOUNTS FOR MEMBERS. TOTAL OUTSTANDING SAVINGS ACCOUNTS AT 12/31/21 WAS 28,972 FOR $317,127,076.


PEOPLE'S MAINTAINS DEMAND DEPOSIT ACCOUNTS FOR MEMBERS. TOTAL OUTSTANDING DEMAND DEPOSIT ACCOUNTS AT 12/31/21 WAS 23,154 FOR $231,545,159.


PEOPLE'S OFFERS SAFE DEPOSIT BOXES TO MEMBERS. THE NUMBER OF SAFE DEPOSIT BOXES RENTED IS 1,094.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$24,180,550
Investment income $778,785
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $61,051
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $25,020,386

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