FDIC-insured bank offering checking, savings, CDs, mortgages, home improvement loans, auto loans, and boat financing with both retail and commercial services.
Editorially reviewed by Harvey Brooks
Shoreham Bank is a traditional FDIC-insured bank backed by the full faith and credit of the U.S. Government. The institution operates as a full-service financial provider with a focus on retail banking, residential lending, and specialized consumer loans. The bank maintains physical branch locations and ATMs alongside digital banking services including a mobile app available on iOS and Android platforms.
The bank's service portfolio spans multiple lending categories: retail deposit accounts (checking, savings, CDs, and IRAs), residential mortgages, home equity loans, FHA Title 1 home improvement loans, auto loans, boat loans, and small business lending. They offer a first-time homebuyer program called "Keys to Confidence" that provides guidance and support post-closing. On the deposit side, they advertise competitive rates including a 3-month CD at 3.90% APY, 5-year CD at 3.50% APY, a Soaring Savings account at 3.60% APY, and Premier Checking at 1.50% APY. They recently added Apple Pay and Google Pay support for debit card holders.
Shoreham Bank distinguishes itself through specialization in marine lending with dedicated boat loan specialists and programs, along with FHA Title 1 home improvement lending that doesn't require tapping home equity. The institution emphasizes community involvement, highlighting partnerships with local organizations like Beacon Charter School, Crossroads RI, and various community support initiatives. They provide business lending services through broker partnerships and commercial lending teams alongside traditional retail banking.
The bank presents itself as a conventional, relationship-focused institution rather than a fintech innovator. Customers should expect traditional branch banking hours and processes, with digital convenience as a secondary offering. The website provides routing number 211574862 and standard banking infrastructure. As with any regional bank, product offerings and rates may be limited compared to larger national institutions, though FDIC insurance provides deposit protection up to standard limits.
Yes. Shoreham Bank is a registered company headquartered in Warwick, RI, founded in 1979. They hold a rating with the Better Business Bureau.
Account opening typically takes 1-3 business days. Loan decisions vary by product.
CreditDoc Diagnosis
Shoreham Bank is best suited for consumers in its service region seeking traditional FDIC-insured banking with relationship-driven service, particularly first-time homebuyers, boat buyers, and small business owners. The main caveat is that as a regional bank, it lacks the breadth of products, competitive advantages, and national scale of larger institutions, and customers should verify current rates and fees on the website or by calling directly, as the online presence doesn't provide comprehensive fee disclosure.
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