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Alabama: Banks' Economic Impact

Banks support Alabama's economy with consumer, business and other loans, and by providing more than 29,000 people with a rewarding place to work.

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Jobs

Jobs

  • 29,151Employees

  • $2.6 BTotal Annual Compensation & Benefits

  • $89,823Average Total Compensation & Benefits

  • 103 Banks Headquartered in State

Steve Beres

A Veteran Supporting Veterans

Steve Beres

Regions Bank, based in Birmingham, Ala., awarded its top honor for its associates—the Better Life Award—to Steve Beres, a veteran with a powerful story. Steve was injured in Afghanistan, losing his sight. As Regions' first service member and veterans affairs manager, Steve now manages relationships with organizations that support veterans. Regions donated $1,000 in Steve’s name to H.E.R.O.E.S. Care, a non-profit that supports military families.

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Source: FDIC branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis

Lending

Lending

  • $17.2 BNew Home Loans Booked in 2021

  • 71,658Number of New Home Loans in 2021

  • $185,000Median New Home Loan Size in 2021

  • $4.7 BSmall Business Loans

  • 304.2 KNumber of Small Business Loans

  • $15,324Average Small Business Loan

  • $1.2 BSmall Farm Loans

  • 23,107Number of Small Farm Loans

  • $54,221Average Small Farm Loan

Innovative Solutions for Small Startups

Valley National Bank brought new meaning to ‘adaptive reuse’ when it partnered with the Alexander City Chamber of Commerce to turn a former bank operations center into something completely new. Now, the space is a business incubator for local entrepreneurs, startups, small businesses and individuals in need of a workspace—the Lake Martin Innovation Center.

Source: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis

Customers

Customers

  • 4.4 MCustomers

  • $141.3 BDeposits

  • 139Banks Operating Branches

  • 1,426Branches & Offices

  • 647Branches Offering Low Fee Bank On-certified Accounts

Supporting A Small Business That Gives Back

Mario and Gabriela Limon opened their Mexican restaurant, Limon’s, in the center of Henagar, Alabama in 2004. When COVID-19 began rapidly spreading, the Limons had no choice but to shift their operations to take-out only. The Limons turned to First Fidelity Bank to secure a PPP loan—allowing them not only to continue employing staff and serving customers safely, but also to give back to the community.

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 135.7 KVolunteer Hours

  • $46.8 MCommunity Donations

Making a Difference for Veterans in Need

Regions Bank, based in Birmingham, AL, provided major assistance to a small Alabama non-profit on a major mission: Housing and support for veterans who are homeless or confronting other major issues.

Source: Estimates based on ABA 2020/2021 survey data

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