The Smarter Way To Bank
Providing The smarter way to bank is an endeavor that sets Pawtucket Credit Union apart from other banking institutions. As an organization founded by, and run for, the benefit of its members, this philosophy is woven throughout all business and civic activities. It can be seen through our commitment to providing the best in products, services, and rates, as well as in keeping pace with advances in technology for improved convenience and security of your account and personal information. Importantly, it also translates into investment in the local communities where we all work and live.
As the banking landscape continues to evolve, we will remain steadfast in our commitment to delivering The smarter way to bank and to assisting our members in achieving a bright financial future.
2019 Annual Report
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People helping people
Credit unions are not-for-profit financial institutions that exist to serve their owners (aka members). Credit unions typically offer most of the same products and services as banks, but at better rates and terms. Membership at Pawtucket Credit Union is currently open to anyone in RI, MA, and CT simply by opening and maintaining a Share (savings) Account with a minimum of $5.00. Stop in any of our 17 branch offices or open an account online to join us.
Statement Of Condition At December 31, 2019 (unaudited)
|Cash and Due from Banks||$16,388,698|
|Short-Term Investments and Investment Securities||244,713,002|
|Residential Real Estate Loans||963,455,882|
|Consumer, Second Mortgages and Equity Lines of Credit||941,447,881|
|Less: Allowance for Loan Losses||(7,964,344)|
|Buildings and Equipment, Net||27,226,398|
|NCUA Deposit Insurance Fund||18,210,336|
|Accrued Interest and Other Assets||16,085,776|
Liabilities And Surplus
|Shares, Savings, and Time Deposits||$1,935,497,900|
|Accrued Expenses and Other Liabilities||242,219,078|
|Total Liabilities And Surplus||$2,413,396,558|
Statement Of Income for the year ended
December 31, 2019 (unaudited)
|Interest Income on Loans||$75,965,636|
|Interest Income on Investments||5,802,928|
|Total Interest Income||81,768,564|
|Dividend and Interest Expense||30,043,586|
|Total Interest Expense||35,201,264|
|Net Interest Income||46,567,300|
|Less: Provision for Loan Losses||1,650,567|
|Net Interest Income after Provision for Loan Losses||44,916,733|
|Income before Operating Expenses||54,934,977|
|Net Income before Gains||14,541,298|
|Gains on Sales of Loans/Investments||1,104,308|
Respectfully Submitted, John B. Richer, Jr., Treasurer
Pawtucket Credit Union News
- Pawtucket Credit Union Awards $32,000 in Scholarships
- Pawtucket Credit Named “Best Places to Work in RI” for the 8th Consecutive Year
- Pawtucket Credit Union Hosts 15th Annual Real World Day
- PCU’s Foxboro Loan Center Now Open
- Charette Promoted To President & CEO of Pawtucket Credit Union
- Pawtucket Credit Union Awards $10,000 to North Kingstown Schools
- PCU Donates $10,000 To Local Area Food Pantries
- Pawtucket Credit Union Opens Branch in North Kingstown!
- Pawtucket Credit Union Partners with Books Are Wings
- Pawtucket Credit Union Sponsors RI Financial Scholars Program
- Pawtucket Credit Union Earns Healthy Workplace Award for the 2nd Consecutive Year
- Andrade Receives Award for Outstanding Service
- Pawtucket Credit Union Opens Branch in Cumberland
- Pawtucket Credit Union Opens Branch in East Greenwich
- Pawtucket Credit Union Opens Branch At Memorial Hospital
- Pawtucket Credit Union Celebrates LaMontagne’s 50 years of Service
- Sockanosset Cross Road, Cranston Branch Office Now Open
- Pawtucket Credit Union’s Food Express Delivers To Those In Need
- Pawtucket Credit Union Hosts Free Online Banking & Bill Pay Workshop
- Pawtucket Credit Union is Lead Sponsor for The Tomorrow Fund Stroll
- Post Road, Apponaug / Warwick Office Now Open
- Rte 44 Smithfield Office Now Open
- Pawtucket Credit Union to Provide Over 1,100 Meals on Wheels to Smithfield Seniors
- Pawtucket Credit Union Awards $10,000 in Local Spelling Bee
- Growing To Better Serve Your Needs – Warwick Avenue Branch Now Open
Pawtucket Credit Union Awards $32,000 in Scholarships
Pawtucket, RI… George J. Charette, President & Chief Executive Officer of Pawtucket Credit Union, is pleased to announce the recipients of Pawtucket Credit Union’s Investing In Your Future scholarship program. Four scholarships totaling $32,000 were awarded to area high school students pursuing higher education. Recipients will each receive $2,000/year for the next four years.
“Our scholarship program has been designed to follow each recipient throughout their college years, enabling students to focus on their educational goals with less economic distraction” said Charette.
Since its inception in 1996, PCU’s Scholarship Program has awarded over 232 scholarships to deserving high school seniors.
Scholarship recipients include Rachel Bedard, North Kingstown High School; Sophia Dooley, Smithfield High School; Lauren Scarborough, Mt. St. Charles; and Ian Sivo, Cranston East High School.
Pawtucket Credit Named “Best Places to Work in RI” for the 8th Consecutive Year
Pawtucket Credit Union was recently recognized as one of the Best Places To Work In RI, for the eighth consecutive year, in the Providence Business News’ Best Places to Work in Rhode Island survey.
The selection process includes rating organizations on benefit programs, work arrangements, opportunities for advancement and personal development, and more.
“This program is the gold standard for recognizing businesses that value their employees,” said George Charette, President and CEO. “Whether it’s our affordable health plan; programs that target a healthy work-life balance; or our Employee of the Quarter Program, this award stands as testament to our ongoing commitment to our employees’ well-being.”
Pawtucket Credit Union Hosts 15th Annual Real World Day
Over 1,650 area students recently participated in Pawtucket Credit Union’s financial literacy program that culminates in Real World Day – a simulation where students apply lessons learned to real world situations. The program helps students identify their money management goals, develop a budget, understand the cost of using credit, and learn about general banking products like checking, savings and CDs.
On Real World Day students attend a budgeting fair and receive projected salaries based on career interests along with information regarding living expenses. They must then visit community partner booths representing food and housing needs, transportation, insurance, utility costs, and continued education expenses to allocate their income. There are also booths that entice students to allocate money for trips, health and golf club memberships, cell phones and more. Students must visit each community partner and make financial decisions based on class lessons with the objective of building a balanced budget and savings plan. After each student completes the exercise, a volunteer audits his/her financial decisions and provides recommendations.
With America’s rising number of personal bankruptcies, increases in consumer credit card debt, and inadequate retirement savings, the need to teach financial literacy in the nation’s high schools is critical. In response to this need, Pawtucket Credit Union began teaching a six week course in 2004 to high school students that focuses on educating and preparing them for real life financial decisions after graduation. High schools participating in the financial literacy program include Cranston High School East, Cranston High School West, Bishop Feehan, St. Raphael Academy, Shea, Tolman, Davies Career & Technical High School, North Kingstown and the Rhode Island, Northern RI and Providence Transition Academies.
Community partners participating in Real World Day include United Way of RI, RI Secretary of State’s office, Andrews Nationwide Insurance, University of Rhode Island and Bryant University.
PCU’s Foxboro Loan Center Now Open
Pawtucket, RI … Pawtucket Credit Union is pleased to announce the opening of its new loan center located in Hercules Plaza at 211 North St., Foxboro, MA.
Situated just north of Gillette Stadium, the office specializes in mortgage and home equity loan products, and is staffed by three mortgage originators, two commercial loan officers, and a loan specialist.
“We’re excited for the opportunity to introduce Pawtucket Credit Union’s market leading products and rates to Foxboro and the surrounding communities” , stated George J. Charette, President and Chief Executive Officer.
Hours of operation will be Monday – Friday, 8:30am to 5:00pm (nights & weekends are by appointment only). Call 508-772-6979 for more information.
Charette Promoted To President & CEO of Pawtucket Credit Union
Pawtucket, RI . . . Ronald W. LeClair, Chairman of the Board of Pawtucket Credit Union, is pleased to announce that George J. Charette, III has been promoted to President and Chief Executive Officer.
“With the retirement of Karl Kozak, past-President & CEO, we looked for an individual who possessed the leadership skills needed to successfully oversee a $1.7 billion dollar organization,” said LeClair. “George came to PCU in 1996, impressing everyone with his knowledge of the financial services industry. His character and work ethic are second to none. I’m confident that PCU is in good hands”.
George previously held the title of Executive Vice President and Chief Financial Officer. Prior to his employment at PCU, George worked for two years at Fleet Financial Group as a Vice President in the Accounting Policy Group and for seventeen years at New Bedford Institution for Savings where he was Senior Vice President and CFO. He is a 1974 graduate of Providence College with a Bachelors Degree in Accounting and holds a Masters in Business Administration from the University of Massachusetts, Dartmouth. He received his Certified Public Accountant’s designation in 1978 while employed by Peat Marwick Mitchell & Co., He currently serves as Board President of the Pawtucket Central Falls Development Corporation and is an Honorary Trustee and past Treasurer of Friends Academy.
Pawtucket Credit Union Awards $10,000 to North Kingstown Schools
Pawtucket, RI… Karl A. Kozak, President and Chief Executive Officer of Pawtucket Credit Union is pleased to announce a $10,000 donation to the Wickford and Davisville Middle School Parent & Teachers Organizations (PTOs).
“In conjunction with the grand opening of our North Kingstown location, we approached area schools and asked what we could do to help since each school has their own unique needs” said Kozak. “For instance, our donation to the Wickford Middle School’s PTO will be used to renovate the school library. Creating an environment that promotes learning while giving students a dedicated space in which to study. It’s our role as good corporate citizens to assist members of the community in any way we can.”
PCU Donates $10,000 To Local Area Food Pantries
For many in our communities, the ability to put food on the table is a daily struggle. To help ease this hardship, PCU recently donated a total of $10,000 to the following local food pantries: Blackstone Valley Community Action Program (CAP), Blackstone Valley Emergency Food Center, Comprehensive CAP, East Bay CAP Pantry, East Greenwich Ecumenical Food Cupboard, Family Service of RI Pantry, Northern RI Food Pantry, SVDP St Phillip Food Pantry, Tri-Town Community Action Agency, and Westbay CAP Market Place Food Pantry.
Pawtucket Credit Union Opens Branch in North Kingstown!
Pawtucket Credit Union has recently opened a new branch, located at 221 Tower Hill Road, N. Kingstown. This full-service branch features drive-thru lanes and a 24 hour drive-up ATM, private offices, safe deposit boxes, a night depository box and a knowledgeable team of trained professionals under the supervision of Branch Manager, Crystal Thompson.
As the largest credit union in the state, with assets of more than $1.6 billion and fifteen branch locations, PCU is big enough to meet your needs, but still small enough to provide personalized service. Stop by and visit The smarter way to bank!
Pawtucket Credit Union Partners with Books Are Wings
In celebration of Dr. Seuss week, Pawtucket Credit Union partnered with Books Are Wings at the Captain Hunt Early Learning Center in Central Falls. Pawtucket Credit Union employees read Dr. Seuss books to 105 children. Each child was then allowed to take home with them two books of their choice. In total, over 300 books were distributed.
“The lesson that every child takes away from the writings of Dr. Seuss is that reading can be fun,” said Kristin Rojas, AVP/Community Outreach. “We’re fortunate to have been a part of this experience.”
Pawtucket Credit Union Sponsors RI Financial Scholars Program
East Greenwich, RI … Pawtucket Credit Union recently sponsored the Rhode Island Financial Scholars Program at East Greenwich High School. This program allowed students to enhance their classroom knowledge through the computer based curriculum, EverFi. In attendance were students from E. Greenwich High, RI General Treasurer Gina M. Raimondo and East Greenwich town officials. Students were able to ask questions of the General Treasurer and in turn, were treated to Raimondo’s personal financial tips for success.
“As a leader in Rhode Island’s financial literacy efforts, we continue to provide information and opportunity for local youth”, stated Karl A. Kozak, President and CEO at Pawtucket Credit Union. “EverFi complements our financial literacy program, now in its 10th year”.
Pawtucket Credit Union Earns Healthy Workplace Award for the 2nd Consecutive Year
Pawtucket, RI… Karl A. Kozak, President and CEO, is pleased to announce that Pawtucket Credit Union has been recognized for the 2nd consecutive year with a Worksite Health Award in the Outstanding Achievement category.
“As an organization with over 200 employees, we understand the value of health and fitness through the creation and implementation of worksite wellness programs,” stated Kozak.
“Healthy workplace environments are essential to the health and well-being of Rhode Island employees and their families,” said Peter Andruszkiewicz, President and CEO of BCBSRI. “Our award winners truly go the extra mile to provide their employees with healthy programs that allow them to make health a top priority.”
“From improving morale, to decreasing absenteeism and increasing engagement, healthy companies feel a positive impact on their bottom line,” said Laurie White, President of the Greater Providence Chamber of Commerce.
Andrade Receives Award for Outstanding Service
Pawtucket, RI… Karl A. Kozak, President & Chief Executive Officer of Pawtucket Credit Union is proud to announce that Bob Andrade, Executive Vice President & COO has received an award from the Credit Union Association of Rhode Island for his leadership efforts locally, as well as nationally.
At the Credit Union Association of Rhode Island’s Annual Governmental Affairs day on January, 24, Association Chairman Ellen Ford, president of People’s Credit Union, said, “For the past fifteen years, Bob Andrade has been a driving force behind the development of a dynamic approach to political activism in the Rhode Island credit union community. His conviction that the credit union community must invest in the future by staying engaged with lawmakers and the political process is evident in his efforts, whether at the State House or in the Halls of Congress.”
“We’re very proud to have Bob as our local representative in Washington. His tireless efforts evoke Pawtucket Credit Union’s commitment to our community by keeping our membership’s interests front and center,” stated Kozak.
The Award, which was awarded for the first time and which will be awarded periodically when an individual exhibits outstanding leadership in Rhode Island Credit Union political action, was also named in honor of Andrade.
1855 Mendon Road, Cumberland Branch Office Now Open
Pawtucket, RI… Karl A. Kozak, President and CEO, is pleased to announce the opening of our newest branch, located at 1855 Mendon Road, Cumberland. This full-service branch features drive-thru lanes and a 24 hour drive-up ATM, private offices, safe deposit boxes, a night depository box and a knowledgeable team of trained professionals under the supervision of Branch Manager, Deborah Boory.
“With 15 offices and more than $1.3 billion in assets, we remain committed to offering the additional convenience this location will provide to our members in Cumberland and the surrounding area”, stated Kozak.
Pawtucket Credit Union Opens Branch in East Greenwich
Pawtucket, RI… Karl A. Kozak, President and CEO, is pleased to announce the opening of our newest branch, located at 5661 Post Road, East Greenwich. Situated across from Benny’s Plaza, our new two-level full-service branch features drive-thru lanes and a 24 hour drive-up ATM, private offices, safe deposit boxes, a night depository box and a knowledgeable team of trained professionals.
This branch is also home to our Mortgage Origination and Business Lending departments servicing Kent and South County. Private offices and conference rooms have been designed with our business members’ needs in mind. “We’re excited to offer the additional convenience this location will provide to our members in the surrounding area”, stated Karl A. Kozak, President and Chief Executive Officer.
Pawtucket Credit Union Opens Branch At Memorial Hospital
Pawtucket, RI… Karl A. Kozak, President & Chief Executive Officer of Pawtucket Credit Union is proud to announce the grand opening of a new branch office at 88 Beechwood Avenue, Pawtucket, RI.
This full-service branch (located in Memorial Hospital) is open to the public and replaces the former Bank of America branch. It features private offices, an ATM able to accept cash and check deposits and a knowledgeable team of trained professionals.
“We’re excited to offer the additional convenience this location will provide to our members in the surrounding area”, stated Kozak.
Pawtucket Credit Union Celebrates LaMontagne’s 50 Years Of Service!
Pawtucket, RI… Karl A. Kozak, President & Chief Executive Officer of Pawtucket Credit Union is proud to announce Lorraine LaMontagne’s 50th Anniversary at the credit union.
“We want to congratulate Lorraine on an outstanding 50 years of service. It’s not often a company can share that milestone and we’re very proud to be a part of it”, said Karl A. Kozak, President and Chief Executive Officer.
Lorraine began her career at PCU in the 1960’s. Since then she’s held a myriad of positions including but not limited to Head Teller, Mortgage Originator and Equity Specialist.
“It’s been an amazing journey for me. Over the years I’ve taken such pride in being part of the Pawtucket Credit Union family. The credit union has always maintained a positive working environment and a welcoming atmosphere”, said LaMontagne.
Sockanosset Cross Road, Cranston Branch Office Now Open
Karl A. Kozak, President and CEO, is pleased to announce the opening of our newest branch, located at 40 Sockanosset Cross Road, Cranston. Situated near the intersection of Pontiac Avenue, our new branch features drive-thru lanes and a 24 hour drive-up ATM, private offices, safe deposit boxes, a night depository box and a knowledgeable team of trained professionals.
Pawtucket Credit Union’s Food Express Delivers To Those In Need
Pawtucket Credit Union recently delivered large food donations totaling nearly $10,000 to three local food pantries – St. Alban’s in Centerdale / North Providence, Warwick Community Action Plan, and the Salvation Army of Pawtucket. The Credit Union delivered directly to the pantries rather than the Food Bank to provide some fiscal relief while restocking their shelves at this critical time of year.
PCU’s Food Express was created to address an increasing need to provide for the hungry in local communities.
Pawtucket Hosts Free Online Banking & Bill Pay Workshop
Pawtucket Credit Union held a free hands-on workshop for members to learn the ins and outs of Online Banking and Bill Pay. The workshop was held in a confidential setting where individual computer terminals and workspaces were provided.
Members were able to see their accounts online and in real time – view transaction history, set-up transfers, search for cleared checks and more! They were also encouraged to bring in their bills. PCU employees assisted members in: setting-up payees, paying bills, viewing pending payments, and managing their payee lists.
“We held this workshop in an effort to familiarize our members with managing their finances online,” stated Frances A. DiFiore, Marketing Director, “Based on the positive feedback we received from those in attendance, we plan to offer similar workshops in the near future”.
Pawtucket Credit Union is Lead Sponsor for The Tomorrow Fund Stroll
Pawtucket Credit is proud to be the lead sponsor of The 6th Annual Tomorrow Fund Stroll at Garden City Center. Proceeds from the days events benefit The Tomorrow Fund: the only local non-profit organization that provides daily financial and emotional support to children with cancer and their families who are treated at Hasbro Children’s Hospital in Providence, Rhode Island.
“The Tomorrow Fund’s mission matches our credit union philosophy of people helping people. These are amazing children and none more deserving,” said Frances A. DiFiore, Marketing Director.
During the Stroll, children and families enjoy a fun-filled day of entertainment featuring clowns, face painters and live music by Tomorrow Fund kid Eric French and his family
Post Road, Apponaug / Warwick Office Now Open!
Letter from the President:
I’m pleased to announce the opening of our newest branch, located in the Apponaug Village section of Warwick. Situated at the corners of Post Road and Rte 117, our new Apponaug branch features 2 drive-thru lanes and a 24 hour drive-up ATM, private offices, safe deposit boxes, a night depository box and a knowledgeable team of trained professionals.
Beginning in 1999 with the opening of our first supermarket branch on Warwick Avenue, Pawtucket Credit Union has been pleased to serve the City of Warwick.
We’ve maintained an unparalleled commitment of service since 1928, and will continue to do so in the years to come.
Karl A. Kozak
President and Chief Executive Officer
Rte 44 Smithfield Office Now Open!
Letter from the President:
I’m pleased to announce that our Rte 44 Smithfield branch is now open for business. This new location will provide greater accessibility, convenience and superior service to our members in the Smithfield, Glocester, Johnston and North Providence communities.
Our Route 44 branch features 2 drive-thru lanes, a 24-hour ATM, private offices, safe deposit boxes and a knowledgeable team of trained professionals under the supervision of Branch Manager, Raymond Gobeille, Jr.
Speaking on behalf of the Board of Directors, management and staff, we’re excited to become a part of the Smithfield community. For nearly 80 years, we’ve maintained an unparalleled commitment of service and will continue to do so in the years to come.
Karl A. Kozak
President and CEO
Pawtucket Credit Union to Provide Over 1,100 Meals on Wheels to Smithfield Seniors
In celebration of its newest branch opening on Route 44 in Smithfield, Pawtucket Credit Union recently donated $5,000 to Meals On Wheels. This donation will provide over 1,100 nutritional meals to Smithfield’s elderly.
“We’re pleased to be able to support this worthwhile cause as we introduce ourselves to the Smithfield community. For more than 75 years, Pawtucket Credit Union has supported the credit union philosophy of “people helping people” and will continue to do so in the years to come,” said Karl A. Kozak, President and CEO.
Pawtucket Credit Union Awards $10,000 in Local Spelling Bee
In celebration of our new Warwick branch, PCU recently hosted a charity spelling bee featuring a $10,000 grand prize. Employee and volunteer representatives from several Warwick non-profit organizations – Special Olympics, RI Family Shelter, A Wish Come True, Sargent Rehabilitation Center, The Impossible Dream, Tides Family Services and Warwick Volunteer Services for Animals, competed through several rounds for the prize. The bee was presided over by members of the Credit Union’s Community Development team as well as by special guest judge Viviana Hurtado, Eyewitness News Reporter for Channel 12 WPRI.
After an extended final round, Sargent Rehabilitation Center’s employee team of Lucia Watson, Laurie Hicks and Robin Wyllie won the bee. The $10,000 donation will provide Sargent Rehabilitation center with more resources to continue its mission of assisting children and adults with disabilities in becoming independent and productive members of their communities.
Growing To Better Serve Your Needs – Warwick Avenue Branch Now Open!
Letter from the President:
It gives me great pleasure to announce that our new branch located at 405 Warwick Avenue, Warwick, has opened for business.
Although our supermarket branch had served us well for many years, it became apparent to us that in order to provide a higher level of member service, we would need to expand our presence in the community. To that end, we were very fortunate to find an available location that served both the needs of the credit union and the community as well.
This new full-service branch, now located across from Shaw’s Shopping Plaza, offers the convenience of private offices, safe deposit boxes, 2 drive-thru lanes in addition to a 24 hour drive-up ATM and a knowledgeable team of well-trained professionals.
In the coming months, we’ll continue to grow. Plans are now underway for another full service branch on Route 44 in Smithfield. Providing our members access to The smarter way to bank will continue to be our primary focus.
Karl A. Kozak
President and CEO
The following scholarship opportunities are available through Pawtucket Credit Union:
Enjoy The Benefits Of Employment With Pawtucket Credit Union!
Providing a “Smarter Way To Bank” is an endeavor that sets Pawtucket Credit Union apart from other banking institutions. As an organization founded by and run for the benefit of our membership, this all-encompassing philosophy is woven throughout our employee activities. PCU has been named one of the “Best Places To Work In R.I.” annually since 2010. We are committed to providing our members with outstanding products and services and we are looking to attract employees who can help us achieve our goal.
Pawtucket Credit Union offers many challenging career opportunities. Our employees work in a team-oriented environment where they are given the opportunity to better themselves and the Credit Union. We offer all employees competitive compensation plus an exciting opportunity for growth with the largest Credit Union in Rhode Island.
Contact The Credit Union
Questions about our products & services?
Our Call Center can be reached at:
401-722-2212 or 800-298-2212.
Monday – Friday: 8:00am – 5:00pm
Saturday: 8:30am – 12:00 Noon
1200 Central Avenue, Pawtucket, RI 02861
Please note: email messages are not secure. Please refrain from entering personal or confidential information in the message such as your social security or account numbers. Secure email is available within Online Banking.
Member’s Voice Department
Loan Servicing Department
Retail Services Department
Consumer Loan Department
Human Resources Department
Mobile Banking, Online Banking & Bill Pay
Mobile & Online Banking – Personal:
- Call 401-722-2212 or 800-298-2212
- Monday – Friday: 8:00am – 5:00pm
For account specific questions access secure email via the Contact Us link located
within Online Banking. For all other inquiries email us at [email protected].
Online Banking – Business:
- Call 401-729-5755
- Monday – Friday: 8:00am – 5:00pm
For account specific questions access secure email via the Contact Us link located within Online Banking. For all other inquiries email us at [email protected].
Bill Pay – Personal & Business:
- Call Toll Free 877-559-9566
- Mon – Fri: 7:30am – 2:00am
- Live Chat
- Mon – Fri: 7:30am – 2:00am
Report A Lost Or Stolen Card
To report your lost or stolen Visa Check Card:
To report your lost or stolen Visa Credit Card:
- Consumer Card Member Service: 800-558-3424
- Business Card Member Service: 866-552-8855