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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 61,000 people with a rewarding place to work.

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Jobs

Jobs

  • 61,751Employees

  • $10.6 BTotal Annual Compensation & Benefits

  • $172,173Average Total Compensation & Benefits

  • 50Banks 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 Call Report 2023Q4, Bureau of Labor Statistics 2023, ABA analysis

Lending

Lending

  • $27 BNew Home Loans Booked in 2023

  • 61,411Number of New Home Loans in 2023

  • $395,000Median New Home Loan Size in 2023

  • $21.6 BSmall Business Loans

  • 994.8 KNumber of Small Business Loans

  • $21,708Average Small Business Loan

  • $2.6 BSmall Farm Loans

  • 39,489Number of Small Farm Loans

  • $65,348Average Small Farm Loan

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

Customers

Customers

  • $445 BDeposits

  • 105Banks Operating Branches

  • 2,299Branches & Offices

  • 1,789Branches 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: FDIC Summary of Deposits 2023Q4, CFE Fund, ABA analysis

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