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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts’s economy with consumer, business and other loans, and by providing more than 43,000 people with a rewarding place to work.

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  • 43,293Employees

  • $6.6 BTotal Annual Compensation & Benefits

  • $153,434Average Total Compensation & Benefits

  • 100Banks Headquartered in State

Hiring More Than Just Bankers

Fallout from the COVID-19 pandemic is personal for Century Bank in Massachusetts. As many as 150 employees have had to take leave due to the virus, and one employee life was lost.

Source: FDIC Call Report 2022Q4, Bureau of Labor Statistics 2022, ABA analysis



  • $29.6 BNew Home Loans Booked in 2022

  • 58,224Number of New Home Loans in 2022

  • $445,000Median New Home Loan Size in 2022

  • $15.2 BSmall Business Loans

  • 596.2 KNumber of Small Business Loans

  • $25,442Average Small Business Loan

  • $1.2 BSmall Farm Loans

  • 26,924Number of Small Farm Loans

  • $44,345Average Small Farm Loan

Quote: "We make 'great partners for life.'" President and Founder, Angel Flight NE

Keeping a Local Business Flying

Quote: "We make 'great partners for life.'" President and Founder, Angel Flight NE

When local medical air transportation company Angel Flight Northeast—the only charitable organization of its kind operating during the pandemic—needed to secure a PPP loan, Reading Cooperative Bank in Massachusetts was there. With the funding, the company was able to continue filling this critical healthcare need in the community. This support from the bank marked 24 years and counting of dedicated customer service. “I deeply believe in the life saving and pivotal business role that community banks play in people’s lives,” says the company’s founder and president.

More stories on Lending #

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



  • $580 BDeposits

  • 132Banks Operating Branches

  • 1,961Branches & Offices

  • 767Branches Offering Low Fee Bank On-certified Accounts

Supporting Minority Businesses

Eastern Bank of Massachusetts has devoted major funding to address income inequality in Massachusetts and southern New Hampshire. Eastern provided expertise as well, helping businesses across the region.

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

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