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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 60,000 people with a rewarding place to work.

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Jobs

Jobs

  • 60,894Employees

  • $10.8 BillionTotal Annual Compensation & Benefits

  • $176,812Average Total Compensation & Benefits

  • 50Banks Headquartered in State

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

Lending

Lending

  • $29.1 BillionNew Home Loans Booked in 2024

  • 60,711Number of New Home Loans in 2024

  • $425,000Median New Home Loan Size in 2024

  • $21.6 BillionSmall Business Loans

  • 996.6 ThousandNumber of Small Business Loans

  • $21,702Average Small Business Loan

  • $2.6 BillionSmall Farm Loans

  • 40,464Number of Small Farm Loans

  • $64,750Average Small Farm Loan

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

Customers

Customers

  • $431 BillionDeposits

  • 104Banks Operating Branches

  • 2,261Branches & Offices

  • 1,852Branches Offering Low Fee Bank On-certified Accounts

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

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