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Massachusetts: Banks’ Economic Impact

Banks support Massachusetts’s economy with consumer, business and other loans, and by providing more than 43,000 people with a rewarding place to work.

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  • 43,293Employees

  • $6.6 BTotal Annual Compensation & Benefits

  • $153,434Average Total Compensation & Benefits

  • 100Banks 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 2022Q4, Bureau of Labor Statistics 2022, ABA analysis



  • $29.6 BNew Home Loans Booked in 2022

  • 58,224Number of New Home Loans in 2022

  • $445,000Median New Home Loan Size in 2022

  • $15.2 BSmall Business Loans

  • 596.2 KNumber of Small Business Loans

  • $25,442Average Small Business Loan

  • $1.2 BSmall Farm Loans

  • 26,924Number of Small Farm Loans

  • $44,345Average Small Farm Loan

Source: FFIEC HMDA 2022, FFIEC CRA 2021, FDIC Call Report 2022Q4, ABA analysis



  • $580 BDeposits

  • 132Banks Operating Branches

  • 1,961Branches & Offices

  • 767Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2022Q2, CFE Fund, ABA analysis

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