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Maine: Banks’ Economic Impact

Banks support Maine's economy with consumer, business and other loans, and by providing more than 7,000 people with a rewarding place to work.

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  • 7,333Employees

  • $733.5 MTotal Annual Compensation & Benefits

  • $100,030Average Total Compensation & Benefits

  • 23 Banks Headquartered in State

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



  • $6.8 BNew Home Loans Booked in 2021

  • 24,936Number of New Home Loans in 2021

  • $195,000Median New Home Loan Size in 2021

  • $1.7 BSmall Business Loans

  • 140.1 KNumber of Small Business Loans

  • $11,916Average Small Business Loan

  • $258.2 MSmall Farm Loans

  • 4,642Number of Small Farm Loans

  • $32,842Average Small Farm Loan

New Jobs, Expanded Business

Norway Savings Bank in Maine stepped in to help in a big way for the expanding Cape Veterinary Clinic. “Norway Savings was very helpful in helping us understand what our vision would be, ” said the clinic’s co-owner.

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



  • 1.1 MCustomers

  • $41.9 BDeposits

  • 29Banks Operating Branches

  • 443Branches & Offices

  • 213Branches Offering Low Fee Bank On-certified Accounts

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

  • 178.2 KVolunteer Hours

  • $48.5 MCommunity Donations

A banker irons a mask

Sewing for Safety

A banker irons a mask

Employees at Kennebunk Savings Bank's Main Street branch worked together to sew more than 100 masks that were donated to local businesses and nursing homes throughout the Seacoast and Southern Maine communities, and also given to bank customers.

More stories on Giving Back #

Source: Estimates based on ABA 2020/2021 survey data

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