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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.

Find State-by-State Data #
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Jobs

Jobs

  • 7,194Employees

  • $609.1 MTotal Annual Compensation & Benefits

  • $84,674Average Total Compensation & Benefits

  • 25Banks Headquartered in State

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

Lending

Lending

  • $6.4 BNew Home Loans Booked in 2020

  • 25,773Number of New Home Loans in 2020

  • $195,000Median New Home Loan Size in 2020

  • $2.2 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 25,585PPP Loans

  • $20,830Median PPP Loan

  • 259.6 KJobs Supported by PPP

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

Customers

Customers

  • 1.1 MCustomers

  • $37 BDeposits

  • 30Banks Operating Branches

  • 454Branches & Offices

  • 165Branches 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

  • 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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