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Kentucky: Banks’ Economic Impact

Banks support Kentucky’s economy with consumer, business and other loans, and by providing more than 24,000 people with a rewarding place to work.

Find State-by-State Data #
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Jobs

Jobs

  • 24,956Employees

  • $2.1 BTotal Annual Compensation & Benefits

  • $85,769Average Total Compensation & Benefits

  • 133Banks Headquartered in State

Bilingual Banker Serves the Community

At Kentucky’s Independence Bank, economic inclusion is a daily practice. In 2019, the U.S. Census reported that over 13% of the Graves County population identified as Hispanic, meaning that many community members would need access to a bilingual banking experience. Jorge Bartolo, a Customer Service Representative at Independence Bank, assists customers in ensuring all of their banking needs are met. As a Hispanic and bilingual community member, his role also extends to providing Spanish speakers with the highest level of customer service.

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

Lending

Lending

  • $15.1 BNew Home Loans Booked in 2020

  • 78,951Number of New Home Loans in 2020

  • $155,000Median New Home Loan Size in 2020

  • $5.2 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 48,527PPP Loans

  • $26,449Median PPP Loan

  • 649.3 KJobs Supported by PPP

Paducah Bank ad showcasing a PPP loan made to a local business

Customers Say Thanks During COVID-19

Paducah Bank ad showcasing a PPP loan made to a local business

Paducah Bank in Kentucky created an awareness campaign highlighting small businesses that received PPP loans during COVID-19. The bank shared stories on social media and on their website. On customer commented, “Our small businesses are the backbone of our community, and many would not make it without this help. BRAVO!”

More stories on Lending #

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

Customers

Customers

  • 5.8 MCustomers

  • $99 BDeposits

  • 164Banks Operating Branches

  • 1,575Branches & Offices

  • 492Branches Offering Low Fee Bank On-certified Accounts

Community Bank Embraces True Name™

In partnership with Mastercard, Republic Bank is the first community bank to launch a feature that will ensure an authentic banking experience for transgender and non-binary customers by allowing them to use their chosen names on their debit cards.

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

  • 136 KVolunteer Hours

  • $33.2 MCommunity Donations

Becoming Better Leaders to Serve the Community

Citizens Union Bank in Kentucky has earned kudos for its Big Picture Learning Academy, where employees develop teamwork skills while volunteering. Some have served as financial mentors in schools.

Source: Estimates based on ABA 2020/2021 survey data

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