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Pennsylvania: Banks’ Economic Impact

Banks support Pennsylvania’s economy with consumer, business and other loans, and by providing more than 73,000 people with a rewarding place to work.

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Jobs

Jobs

  • 73,328Employees

  • $7.1 BTotal Annual Compensation & Benefits

  • $96,975Average Total Compensation & Benefits

  • 137Banks Headquartered in State

Source: FDIC Call Report year-end 2020, estimates based on ABA 2020/2021 survey data

Lending

Lending

  • $41.6 BNew Home Loans Booked in 2020

  • 184,337Number of New Home Loans in 2020

  • $165,000Median New Home Loan Size in 2020

  • $20.1 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 158,852PPP Loans

  • $29,769Median PPP Loan

  • 2.1 MJobs Supported by PPP

A banker works remotely to process PPP loans

Serving Customers from Anywhere

A banker works remotely to process PPP loans

Ephrata National Bank’s Christopher Aukamp works from his “basement bunker” to keep PPP loan applications rolling during the COVID-19 pandemic. The Pennsylvania bank’s entire lending team quickly stepped up to put a process in place as proactively as possible in order to support local small businesses in need—using existing internal practices and “banker instinct” to close these much-needed loans.

More stories on Lending #

Source: HMDA, SBA PPP Loans, ABA analysis

Customers

Customers

  • 10.5 MCustomers

  • $563.6 BDeposits

  • 176Banks Operating Branches

  • 3,732Branches & Offices

  • 1,717Branches Offering Low Fee Bank On-certified Accounts

Valley National Bank Fosters Employee Inclusion

Valley National Bank has six Associate Resource Groups (ARG), including the Hispanic Organization for Leadership and Advancement (HOLA). Members of HOLA, pictured above, donated time and effort to harvest 16,000 pounds of corn for community members struggling with food insecurity.

Source: Estimates based on ABA 2020/2021 survey data, FDIC Summary of Deposits (2021Q2), 2021 CFE Fund

Giving Back

Giving Back

  • 220 KVolunteer Hours

  • $174.4 MCommunity Donations

Filling a Community Need a Second Time Around

Pennsylvania’s FNCB held a ‘She Shed’ giveaway to find their temporary drive-thru building a new home. Local nonprofit Country Heart Farm now uses the building to hold therapy and after-school programs for the community.

Source: Estimates based on ABA 2020/2021 survey data

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