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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 8,000 people with a rewarding place to work.

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Jobs

Jobs

  • 8,898Employees

  • $995.6 MillionTotal Annual Compensation & Benefits

  • $111,893Average Total Compensation & Benefits

  • 7Banks Headquartered in State

Source: FDIC Call Report 2024Q4, Bureau of Labor Statistics 2024, ABA analysis

Lending

Lending

  • $3.2 BillionNew Home Loans Booked in 2024

  • 7,552Number of New Home Loans in 2024

  • $395,000Median New Home Loan Size in 2024

  • $1.9 BillionSmall Business Loans

  • 81.2 ThousandNumber of Small Business Loans

  • $23,164Average Small Business Loan

  • $168.2 MillionSmall Farm Loans

  • 3,507Number of Small Farm Loans

  • $47,961Average Small Farm Loan

Source: FFIEC HMDA 2024, FFIEC CRA 2023, FDIC Call Report 2024Q4, ABA analysis

Customers

Customers

  • $42.6 BillionDeposits

  • 20Banks Operating Branches

  • 250Branches & Offices

  • 181Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2024Q2, CFE Fund, ABA analysis

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