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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

A family smiling at each other

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

  • 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

Two bank employees hold an oversized check to the Rhode Island Community Food Bank

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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