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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

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

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

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