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Connecticut: Banks’ Economic Impact

Banks support Connecticut’s economy with consumer, business and other loans, and by providing more than 17,000 people with a rewarding place to work.

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  • 17,301Employees

  • $2.9 BTotal Annual Compensation & Benefits

  • $165,794Average Total Compensation & Benefits

  • 31Banks 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 Call Report 2022Q4, Bureau of Labor Statistics 2022, ABA analysis



  • $13 BNew Home Loans Booked in 2022

  • 35,269Number of New Home Loans in 2022

  • $295,000Median New Home Loan Size in 2022

  • $8.2 BSmall Business Loans

  • 353.5 KNumber of Small Business Loans

  • $23,086Average Small Business Loan

  • $769.5 MSmall Farm Loans

  • 14,206Number of Small Farm Loans

  • $54,168Average Small Farm Loan

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: FFIEC HMDA 2022, FFIEC CRA 2021, FDIC Call Report 2022Q4, ABA analysis



  • $179 BDeposits

  • 54Banks Operating Branches

  • 1,011Branches & Offices

  • 692Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2022Q2, CFE Fund, ABA analysis

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