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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 62,000 people with a rewarding place to work.

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  • 62,561Employees

  • $8.9 BTotal Annual Compensation & Benefits

  • $141,910Average Total Compensation & Benefits

  • 60 Banks 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 (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis



  • $46.6 BNew Home Loans Booked in 2021

  • 110,712Number of New Home Loans in 2021

  • $275,000Median New Home Loan Size in 2021

  • $13.6 BSmall Business Loans

  • 774.0 KNumber of Small Business Loans

  • $17,526Average Small Business Loan

  • $439.4 MSmall Farm Loans

  • 5,929Number of Small Farm Loans

  • $40,611Average Small Farm Loan

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: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis



  • 1.4 MCustomers

  • $443.9 BDeposits

  • 116Banks Operating Branches

  • 2,600Branches & Offices

  • 1,551Branches 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 #

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

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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