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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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  • 9,653Employees

  • $976.2 MTotal Annual Compensation & Benefits

  • $101,128Average 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 2022Q4, Bureau of Labor Statistics 2022, ABA analysis



  • $3.7 BNew Home Loans Booked in 2022

  • 9,980Number of New Home Loans in 2022

  • $345,000Median New Home Loan Size in 2022

  • $2.4 BSmall Business Loans

  • 89.9 KNumber of Small Business Loans

  • $26,447Average Small Business Loan

  • $163.4 MSmall Farm Loans

  • 3,418Number of Small Farm Loans

  • $47,791Average 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: FFIEC HMDA 2022, FFIEC CRA 2021, FDIC Call Report 2022Q4, ABA analysis



  • $44.3 BDeposits

  • 20Banks Operating Branches

  • 235Branches & Offices

  • 110Branches Offering Low Fee Bank On-certified Accounts

Source: FDIC Summary of Deposits 2022Q2, CFE Fund, ABA analysis

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