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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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Jobs

Jobs

  • 46,455Employees

  • $9.8 BTotal Annual Compensation & Benefits

  • $211,034Average Total Compensation & Benefits

  • 107Banks 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. Committed to keeping everyone safe, bank CEO Barry R. Sloane, in partnership with vice president and director of human resources Kathleen McGillicuddy, created five full-time positions for recently graduated nurses to assist in reopening the bank and maintaining health and safety standards in-house.

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

Lending

Lending

  • $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.

More stories on Lending #

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

Customers

Customers

  • 5.7 MCustomers

  • $499 BDeposits

  • 136Banks Operating Branches

  • 2,118Branches & Offices

  • 485Branches 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 branch deposit data, CFE Fund and S&P Global Market Intelligence

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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