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North Carolina: Banks’ Economic Impact

Banks support North Carolina's economy with consumer, business and other loans, and by providing more than 86,000 people with a rewarding place to work.

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  • 86,639Employees

  • $11.6 BTotal Annual Compensation & Benefits

  • $133,583Average Total Compensation & Benefits

  • 47 Banks Headquartered in State

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



  • $41.5 BNew Home Loans Booked in 2021

  • 138,508Number of New Home Loans in 2021

  • $215,000Median New Home Loan Size in 2021

  • $9.9 BSmall Business Loans

  • 732.5 KNumber of Small Business Loans

  • $13,483Average Small Business Loan

  • $1.3 BSmall Farm Loans

  • 25,411Number of Small Farm Loans

  • $36,028Average Small Farm Loan

Bankers standing around a generator

No Challenge Too Great

Bankers standing around a generator

At Fidelity Bank in Garner, North Carolina, nothing could stop the dedicated staff from processing PPP loans to help small business customers during the COVID-19 pandemic—not even an unexpected power outage. So when that happened, what did the team do? They fired up the generator and got back to work.

More stories on Lending #

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



  • 4.6 MCustomers

  • $504.5 BDeposits

  • 87Banks Operating Branches

  • 2,147Branches & Offices

  • 1,261Branches Offering Low Fee Bank On-certified Accounts

Strengthening Charlotte’s Small Businesses

Wells Fargo donated $20 million in grants to the Foundation For The Carolinas to help Charlotte-based small business owners take control of more of their business assets—including property, equipment and technology—which will reach 1,000 small businesses over the next three years.

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

  • 660.4 KVolunteer Hours

  • $331.5 MCommunity Donations

Working together

Nourishment to Boost Classroom Success

Working together

Live Oak Bank in North Carolina has donated $87,648 to NourishNC since 2016. The organization’s mission is to “provide healthy food to hungry kids, empowering them to succeed in the classroom and in their community.” In 2018, the bank donated enough food for 500+ team members to pack 100,000+ meals in an hour at an “all hands on deck” meeting, part of a commitment totaling more than 1,000 volunteer hours spent sorting and packing food that included multiple donation drives on the bank’s campus.

More stories on Giving Back #

Source: Estimates based on ABA 2020/2021 survey data

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