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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts’s economy with consumer, business and other loans, and by providing more than 53,000 people with a rewarding place to work.

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  • 53,442Employees

  • $7.6 BTotal Annual Compensation & Benefits

  • $142,470Average Total Compensation & Benefits

  • 113Banks 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: Estimates based on ABA 2019/2020 survey data



  • $6.7 BSmall Business Loans Outstanding

  • $35.9 BNew Home Loans Booked in 2018

  • 96,011Number of New Home Loans in 2018

  • $255,000Median New Home Loan Size in 2018

  • $297.6 MSmall Farm Loans Outstanding

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: Estimates based on ABA 2019/2020 survey data, HMDA



  • 5.6 MTotal Customers

  • $407.5 BDeposits

  • 5.2 MConsumer

  • 1.2 MSmall Business

  • 7.6 KSmall Farm

  • 143Banks Operating Branches

  • 2,137Branches & Offices

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 2019/2020 survey data, FDIC branch deposit data

Giving Back

Giving Back

  • 343 KVolunteer hours

  • $122.7 MCommunity Donations

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Building Some Fun for Veterans' Families

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Bay State Savings Bank in Worcester, Massachusetts recently sponsored the Habitat for Humanity of MetroWest/Greater Worcester Operation Playhouse program, a unique way for communities to give back to veterans’ families. In one day, employees built a barnyard-themed playhouse for River, an energetic young girl whose grandfather is an Air Force veteran. River was speechless when she learned the playhouse was for her. The program is continually on the lookout for potential recipients throughout the year.

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Source: Estimates based on ABA 2019/2020 survey data. Does not include individual employee donations.

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