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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts's economy with consumer, business and other loans, and by providing more than 41,000 people with a rewarding place to work.

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Jobs

Jobs

  • 41,357Employees

  • $7.1 BillionTotal Annual Compensation & Benefits

  • $172,830Average Total Compensation & Benefits

  • 96Banks Headquartered in State

Source: FDIC Call Report 2024Q4, Bureau of Labor Statistics 2024, ABA analysis

Lending

Lending

  • $23.9 BillionNew Home Loans Booked in 2024

  • 44,297Number of New Home Loans in 2024

  • $485,000Median New Home Loan Size in 2024

  • $12.3 BillionSmall Business Loans

  • 551 ThousandNumber of Small Business Loans

  • $22,298Average Small Business Loan

  • $1.2 BillionSmall Farm Loans

  • 27,622Number of Small Farm Loans

  • $44,504Average Small Farm Loan

Source: FFIEC HMDA 2024, FFIEC CRA 2023, FDIC Call Report 2024Q4, ABA analysis

Customers

Customers

  • $562 BillionDeposits

  • 128Banks Operating Branches

  • 1,904Branches & Offices

  • 966Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2024Q2, CFE Fund, ABA analysis

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