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$250 Billion

November 22, 2010

There was $250 billion squirreled away in New Jersey FDIC (Federal Deposit Insurance Corp.) commercial and savings accounts in June of last year, most of it in local commercial banks, according to the U.S. Census Bureau. That sum ranks ninth in the nation, which had more than $7.486 trillion in savings accounts. The two states with the largest sums were not a surprise -- California, with $834 billion and New York, with $821 billion. Texas, Florida and Illinois ranked next, with $472 billion, $401 billion and $360 billion, respectively. Surprisingly, North Carolina, with $305 billion ranked next -- possibly reflecting the number of retirees in the state -- followed by Pennsylvania, with $295 billion and Utah, with $275 billion.

There are 2,457 commercial bank offices in New Jersey and an additional 890 branches of savings institutions. The $250 billion sum was up from $227 billion in 2008.

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