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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts’s economy with consumer, business and other loans, and by providing more than 46,000 people with a rewarding place to work.

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  • 46,455Employees

  • $9.8 BTotal Annual Compensation & Benefits

  • $211,034Average Total Compensation & Benefits

  • 109Banks 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 year-end 2020, estimates based on ABA 2020/2021 survey data



  • $62.2 BNew Home Loans Booked in 2020

  • 145,697Number of New Home Loans in 2020

  • $325,000Median New Home Loan Size in 2020

  • $13.8 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 108,902PPP Loans

  • $31,800Median PPP Loan

  • 1.4 MJobs Supported by PPP

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.

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Source: HMDA, SBA PPP Loans, ABA analysis



  • 5.7 MCustomers

  • $579.3 BDeposits

  • 136Banks Operating Branches

  • 2,049Branches & Offices

  • 480Branches 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: Estimates based on ABA 2020/2021 survey data, FDIC Summary of Deposits (2021Q2), 2021 CFE Fund

Giving Back

Giving Back

  • 253.2 KVolunteer Hours

  • $183.2 MCommunity Donations

Locally Grown Community Support

BankFive has been an avid supporter of United Way of Greater New Bedford’s Hunger Commission Mobile Market since 2017, an organization that provides free, locally grown produce to low income residents of New Bedford and the surrounding area.

Source: Estimates based on ABA 2020/2021 survey data

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