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Virginia: Banks’ Economic Impact

Banks support Virginia's economy with consumer, business and other loans, and by providing more than 56,000 people with a rewarding place to work.

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Jobs

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Jobs

Jobs

  • 56,846Employees

  • $8.6 BillionTotal Annual Compensation & Benefits

  • $152,044Average Total Compensation & Benefits

  • 57Banks Headquartered in State

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

Lending

Lending

  • $35.2 BillionNew Home Loans Booked in 2024

  • 81,259Number of New Home Loans in 2024

  • $375,000Median New Home Loan Size in 2024

  • $14 BillionSmall Business Loans

  • 595.6 ThousandNumber of Small Business Loans

  • $23,457Average Small Business Loan

  • $1.1 BillionSmall Farm Loans

  • 17,974Number of Small Farm Loans

  • $59,322Average Small Farm Loan

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

Customers

Customers

  • $296 BillionDeposits

  • 108Banks Operating Branches

  • 1,859Branches & Offices

  • 1,251Branches Offering Low Fee Bank On-certified Accounts

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

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