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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts's economy with consumer, business and other loans, and by providing more than 40,000 people with a rewarding place to work.

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Jobs

Jobs

  • 40,554Employees

  • $5.9 BTotal Annual Compensation & Benefits

  • $146,448Average Total Compensation & Benefits

  • 108 Banks 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 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

Lending

Lending

  • $65.5 BNew Home Loans Booked in 2021

  • 141,634Number of New Home Loans in 2021

  • $325,000Median New Home Loan Size in 2021

  • $12.6 BSmall Business Loans

  • 581.7 KNumber of Small Business Loans

  • $21,655Average Small Business Loan

  • $367.1 MSmall Farm Loans

  • 4,371Number of Small Farm Loans

  • $35,050Average 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.

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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

Customers

Customers

  • 1.2 MCustomers

  • $579.3 BDeposits

  • 136Banks Operating Branches

  • 2,049Branches & Offices

  • 446Branches 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.

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

  • 253.2 KVolunteer Hours

  • $183.2 MCommunity Donations

Bank Supports Local Fire Department

The Bristol County Savings Charitable Foundation marked its 25 Year Anniversary with a $25,000 grant to the Fall River Fire Department. 

Source: Estimates based on ABA 2020/2021 survey data

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