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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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  • 9,009Employees

  • $892.9 MTotal Annual Compensation & Benefits

  • $99,108Average Total Compensation & Benefits

  • 7 Banks 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 branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis



  • $6.2 BNew Home Loans Booked in 2021

  • 19,891Number of New Home Loans in 2021

  • $235,000Median New Home Loan Size in 2021

  • $1.5 BSmall Business Loans

  • 94.5 KNumber of Small Business Loans

  • $15,724Average Small Business Loan

  • $52.3 MSmall Farm Loans

  • 657Number of Small Farm Loans

  • $38,287Average Small Farm Loan

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: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis



  • 697.3 KCustomers

  • $41.5 BDeposits

  • 20Banks Operating Branches

  • 237Branches & Offices

  • 49Branches Offering Low Fee Bank On-certified Accounts

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment 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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