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Connecticut: Banks’ Economic Impact

Banks support Connecticut’s economy with consumer, business and other loans, and by providing more than 21,000 people with a rewarding place to work.

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  • 21,761Employees

  • $2.7 BTotal Annual Compensation & Benefits

  • $125,249Average Total Compensation & Benefits

  • 35Banks 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: Estimates based on ABA 2019/2020 survey data



  • $4.2 BSmall Business Loans Outstanding

  • $11.5 BNew Home Loans Booked in 2018

  • 34,832Number of New Home Loans in 2018

  • $185,000Median New Home Loan Size in 2018

  • $232.2 MSmall Farm Loans Outstanding

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 2019/2020 survey data, HMDA



  • 3.8 MTotal Customers

  • $139.8 BDeposits

  • 3.3 MConsumer

  • 646 KSmall Business

  • 9.1 KSmall Farm

  • 59Banks Operating Branches

  • 1,129Branches & Offices

Source: Estimates based on ABA 2019/2020 survey data, FDIC branch deposit data

Giving Back

Giving Back

  • 228.2 KVolunteer hours

  • $63.1 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 2019/2020 survey data. Does not include individual employee donations.

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