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Connecticut: Banks’ Economic Impact

Banks support Connecticut’s economy with consumer, business and other loans, and by providing more than 23,000 people with a rewarding place to work.

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Jobs

Jobs

  • 23,827Employees

  • $4.2 BTotal Annual Compensation & Benefits

  • $174,872Average Total Compensation & Benefits

  • 36Banks Headquartered in State

Finding a Place to Grow

Chelsea Groton Bank in Connecticut has one employee whose professionalism really packs a punch. When Tashawn Ward is not working for the bank helping his customers, he’s trying to qualify for the Olympics in boxing. He began his banking career as an intern at Chelsea Groton and finds his job fits perfectly with his boxing dreams.

Source: FDIC branch deposit data (2020), estimates based on ABA 2020/2021 survey data

Lending

Lending

  • $19.2 BNew Home Loans Booked in 2020

  • 49,149Number of New Home Loans in 2020

  • $245,000Median New Home Loan Size in 2020

  • $6.6 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 60,809PPP Loans

  • $26,200Median PPP Loan

  • 697.6 KJobs Supported by PPP

Making Fitness Dreams Come True

Savings Institute Bank & Trust, based in Willimantic, CO, helped one customer realize a very big dream of expanding his fitness center by delivering a commercial loan tailored specifically to his needs.

Source: Estimates based on ABA 2020/2021 survey data, HMDA, SBA PPP Loans

Customers

Customers

  • 3.8 MCustomers

  • $163 BDeposits

  • 56Banks Operating Branches

  • 1,094Branches & Offices

  • 566Branches Offering Low Fee Bank On-certified Accounts

Source: Estimates based on ABA 2020/2021 survey data, FDIC branch deposit data, CFE Fund and S&P Global Market Intelligence

Giving Back

Giving Back

  • 267.8 KVolunteer Hours

  • $74.3 MCommunity Donations

Bank Foundation Provides Disaster Response

The Torrington Bank Savings Foundation acted swiftly to respond to the immediate needs of those being directly affected by the COVID-19 pandemic by opening a special $100,000 grant cycle in April 2020. Grants of up to $10,000 were made available to organizations working on the frontlines of the pandemic, and were awarded for basic needs such as rent, food and infant supplies, as well as utilities, counseling and medication.

Source: Estimates based on ABA 2020/2021 survey data

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