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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts's economy with consumer, business and other loans, and by providing more than 42,000 people with a rewarding place to work.

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Jobs

Jobs

  • 42,478Employees

  • $7.1 BTotal Annual Compensation & Benefits

  • $167,281Average Total Compensation & Benefits

  • 98Banks Headquartered in State

Emergency Room Renovations

Greenfield Cooperative Bank contributed $100,000 to support the expansion and renovation of Cooley Dickinson Hospital’s emergency department, kicking off the hospital’s new $1M fundraising challenge.

Source: FDIC Call Report 2023Q4, Bureau of Labor Statistics 2023, ABA analysis

Lending

Lending

  • $21.9 BNew Home Loans Booked in 2023

  • 43,227Number of New Home Loans in 2023

  • $455,000Median New Home Loan Size in 2023

  • $12.3 BSmall Business Loans

  • 550 KNumber of Small Business Loans

  • $22,304Average Small Business Loan

  • $1.2 BSmall Farm Loans

  • 26,957Number of Small Farm Loans

  • $44,914Average Small Farm Loan

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

Customers

Customers

  • $556 BDeposits

  • 128Banks Operating Branches

  • 1,932Branches & Offices

  • 989Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2023Q4, CFE Fund, ABA analysis

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