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New Jersey: Banks’ Economic Impact

Banks support New Jersey’s economy with consumer, business and other loans, and by providing more than 75,000 people with a rewarding place to work.

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Jobs

Jobs

  • 75,249Employees

  • $8.6 BTotal Annual Compensation & Benefits

  • $114,309Average Total Compensation & Benefits

  • 69Banks Headquartered in State

Helping Students Realize Their Potential

Since 2007, Capital One Bank has partnered with high schools in Maryland, New Jersey and New York for a student-run bank program that teaches teens not only bank operations, but the importance of budgeting and saving.

Source: FDIC branch deposit data (2020), estimates based on ABA 2020/2021 survey data

Lending

Lending

  • $43.3 BNew Home Loans Booked in 2020

  • 109,132Number of New Home Loans in 2020

  • $275,000Median New Home Loan Size in 2020

  • $16.7 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 140,838PPP Loans

  • $29,300Median PPP Loan

  • 1.8 MJobs Supported by PPP

Prioritizing During the Pandemic

Columbia Bank prioritized their community—even beyond branch operations—in the early stages of COVID-19. Bank associates helped to extend a $1.5 million dollar line of credit that was used to transform Edison’s 157,000 square foot Convention and Exposition Center into a 500-bed emergency field hospital. Grasping the urgency of the situation, they worked diligently to close the loan in less than a week.

Source: Estimates based on ABA 2020/2021 survey data, HMDA, SBA PPP Loans

Customers

Customers

  • 10.9 MCustomers

  • $404 BDeposits

  • 119Banks Operating Branches

  • 2,713Branches & Offices

  • 1,723Branches Offering Low Fee Bank On-certified Accounts

Capture of Lakeland Bank's website with Banks Never Ask That content

Lakeland Bank Displays Dedication to Fighting Fraud

Capture of Lakeland Bank's website with Banks Never Ask That content

Lakeland Bank took full advantage of the resources provided by ABA’s #BanksNeverAskThat campaign. Their efforts to educate customers included posts on their social media platforms and on their website. They provided their customers with tips for spotting a scammer, and best practices for avoiding other account-draining schemes.

More stories on Serving Customers #

Source: Estimates based on ABA 2020/2021 survey data, FDIC branch deposit data, CFE Fund and S&P Global Market Intelligence

Giving Back

Giving Back

  • 368.4 KVolunteer Hours

  • $142.2 MCommunity Donations

CREW Cares: A Commitment to Charitable Giving

For 146 years, Manasquan Bank in New Jersey has provided direct support to organizations seeking to make a positive difference in their communities. They take great pride in fostering a workplace culture where volunteerism and charitable giving is the heartbeat of who they are. In 2020, the bank announced a redesigned volunteer program to validate and enhance their commitment to this mission with the tagline CREW Cares.

Source: Estimates based on ABA 2020/2021 survey data

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