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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 12,000 people with a rewarding place to work.

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  • 12,355Employees

  • $1.1 BTotal Annual Compensation & Benefits

  • $89,430Average Total Compensation & Benefits

  • 7Banks Headquartered in State

Coming Together to Fight Hunger

Before the onset of COVID-19, 35 employee volunteers from BankNewport and its sister agency, OceanPoint Insurance, participated in a meal-packaging project with the United Way of Rhode Island. This partnership not only allowed bank employees to interact with their community, but also gave them the chance to strengthen relationships with their team beyond the walls of their branch.  

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



  • $5.5 BNew Home Loans Booked in 2020

  • 19,129Number of New Home Loans in 2020

  • $235,000Median New Home Loan Size in 2020

  • $1.8 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 15,610PPP Loans

  • $29,224Median PPP Loan

  • 192.2 KJobs Supported by PPP

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: HMDA, SBA PPP Loans, ABA analysis



  • 1 MCustomers

  • $41.5 BDeposits

  • 20Banks Operating Branches

  • 237Branches & Offices

  • 49Branches Offering Low Fee Bank On-certified Accounts

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

Giving Back

Giving Back

  • 148.4 KVolunteer Hours

  • $81.6 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 2020/2021 survey data

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