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Rhode Island: Banks’ Economic Impact

Banks support Rhode Island’s economy with consumer, business and other loans, and by providing more than 9,000 people with a rewarding place to work.

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  • 10,916Employees

  • $1.2 BTotal Annual Compensation & Benefits

  • $108,950Average Total Compensation & Benefits

  • 8Banks Headquartered in State

Source: Estimates based on ABA 2019/2020 survey data



  • $584.1 MSmall Business Loans Outstanding

  • $3.2 BNew Home Loans Booked in 2018

  • 13,595Number of New Home Loans in 2018

  • $165,000Median New Home Loan Size in 2018

  • $42.9 MSmall Farm Loans Outstanding

Helping a Small Business that Supports Veterans

Citizens Bank’s Small Business Recovery Program committed $2 million to business customers impacted by the COVID-19 pandemic. Through the program, 134 small businesses were selected to receive a $15,000 grant to help them recover. One recipient is Operation Made, a small Rhode Island-based boutique where Veterans and military spouses can sell their handcrafted merchandise.

Source: Estimates based on ABA 2019/2020 survey data, HMDA



  • 1 MTotal Customers

  • $31.1 BDeposits

  • 938.7 KConsumer

  • 128.5 KSmall Business

  • 0.0Small Farm

  • 21Banks Operating Branches

  • 252Branches & Offices

Source: Estimates based on ABA 2019/2020 survey data, FDIC branch deposit data

Giving Back

Giving Back

  • 78.2 KVolunteer hours

  • $40.8 MCommunity Donations

Upholding Community Commitment

BankNewport continues to uphold its commitment to the community during the COVID-19 pandemic. The Bank’s Community Fund Committee provided grants totaling $250,000 to Rhode Island COVID-19 response funds and the Rhode Island Community Food Bank.

Source: Estimates based on ABA 2019/2020 survey data. Does not include individual employee donations.

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