Banks provide thousands of good jobs and generate thousands more through their economic activity. They provide access to the capital needed by new and established businesses alike. For individuals and families, they offer a safe place to deposit earnings, save for the future, and borrow money. And through their philanthropic activity, they support programs and services that contribute to the quality of life throughout the state.

• Of the 83 banks in Washington, 48 are headquartered here. Together, they hold $154 billion in deposits and make more than $135 billion in loans in Washington. The nation’s largest banks—including Wells Fargo, Bank of America and JPMorgan Chase—dominate the state market. For example, JPMorgan Chase has 204 branch banks here, more than any other bank.
• In addition to providing the financing required by the new, established and expanding businesses that are the foundation of Washington’s vibrant economy, banks are among the state’s best employers. More than 21,000 people are directly employed by the industry. With a jobs multiplier of 4.20, the industry generates and sustains an additional 67,254 jobs in the economy. The average banking wage of $73,692 is well above Washington’s average annual wage across all sectors of $59,090.
• Banks are among the state’s premier corporate citizens. In the most recent year for which we have data, the 15 banks ranked among Washington’s top 75 corporate philanthropists made cash contributions of $20.4 million. Employees of these banks volunteered over 142,000 hours to support community activities.
• Banks are subject to higher taxes and regulation than credit unions, despite their similar business models. Although credit unions represent just a fraction of the financial services industry in Washington, their tax and regulatory preferences create a competitive imbalance that challenges banking. The historical justifications for the differential treatment no longer apply.

Read the full report here.