AAs the US economy recovers from the coronavirus pandemic, banks and credit unions across the country have been at the forefront of a rapid economic recovery. There are just over 10,000 banks and credit unions nationwide, most of them small local lenders who are essential to American life, providing low cost financial products and personalized customer service.
During the pandemic, these lenders were relied on by small businesses and acted as the most active participants in the Small Business Administration‘s paycheck protection program, pumping hundreds of billions of dollars into millions of businesses across the country. nationwide, preventing layoffs and business closures. As the recovery is in full swing, these banks and credit unions have gone on the offensive, lending to households buying homes and cars and helping existing homeowners refinance their mortgages to take advantage of low interest rates.
Small community lenders are the most competitive when it comes to offering low rates on mortgages, consumer loans, and deposit accounts. But there is a huge divergence on how the banks are doing. To assess which companies have the most satisfied customers, Forbes has partnered with market research firm Statista to survey nearly 25,000 people in the United States about their banking relationships. The result is our fourth annual ranking of the best banks and credit unions.
Consumers were asked 20 questions about their financial transactions. Banks and credit unions were rated based on overall recommendations and satisfaction, as well as five sub-dimensions (trust, terms and conditions, agency services, digital services, and financial advice). Overall scores ranged from 77.38 to 95.63. Only 2.7% of all banks and 3.6% of all credit unions were on our list.
Domestic financial institutions with branches in at least 15 states were excluded from the final ranking. Nearly a dozen domestic banks were omitted, including Bank of America, JPMorgan Chase Bank, PNC Financial, US Bank, Truist Financial, and Wells Fargo. The Navy Federal Credit Union, which operates in more than 30 states, was the only credit union eliminated for its size.
Between one and five banks and up to ten credit unions in each state received the Best-In-State designation, based on the number of responses in each state. On average, each bank and credit union received 40 consumer surveys that asked users about everything from the ease of use of mobile banking to transparency of fees and interest rates to opening hours and accessibility of bank branches. A total of 135 unique banks and 190 unique credit unions qualified.
Citizens Financial Group and Huntington Bancshares were the best performing banks in several states, each winning five awards. Huntington Bancshares was the top bank in Michigan and Ohio State, ranked # 2 in Indiana and Kentucky and # 3 in Pennsylvania, still operates a branch in Columbus, Ohio, where it was founded in 1866. A leading lender across the Rust-Belt and Midwest, Huntington has $ 175 billion in assets, $ 142 billion in deposits and $ 116 billion in loans and is growing rapidly. Earlier in June, the company completed its acquisition of TCF Financial, increasing its presence in states like Colorado and Minnesota.
Founded in 1828 in Providence, RI, Citizens Financial Group was ranked # 2 in Michigan and its hometown of Rhode Island, # 3 in Ohio and New Jersey, and # 5 in Pennsylvania. Formerly owned by the Royal Bank of Scotland, Citizens was re-listed on the New York Stock Exchange in 2014 and saw its shares roughly double in value, benefiting from strong fundamentals in the US economy. With $ 151 billion in deposits and $ 187 billion in total assets, the citizens’ loan portfolio is split roughly evenly between consumer bank lending and commercial bank lending, underscoring its presence among households and consumers. companies, mainly in the northeast.
Banks receiving three Best-In-State awards included Arvest Bank, BBVA, Citibank, Fifth Third Bank and South State Bank, including its merger with CenterState Bank.
Arvest Bank, ranked # 4 in the state of Kansas and # 5 in Arkansas, is owned by the Walton family who created the Wal-Mart fortune. It operates in Arkansas, Missouri, Oklahoma and Kansas and has a history dating back to the Walton family’s purchase of The Bank of Bentonville in 1961 in the hometown of their retail giant, Wal -Mart. Through acquisitions and expansion, Arvest has grown from $ 3.5 million in assets to $ 24 billion in assets and a footprint of 270 locations in 135 communities.
SouthState Bank was ranked # 1 in our Best-In-State ranking for Florida, # 2 in Georgia, and # 3 in South Carolina. Last year, the Winter Haven, Florida-based lender completed its merger with South Carolina-based Center State Bank, roughly doubling the lender’s size and expanding its footprint in the Carolinas and Virginia. It now has $ 32 billion in deposits and $ 40 billion in loans and a branch network that spans six states in the Southeast and Mid Atlantic.
Other banks that have received multiple Best-In-State awards include BancorpSouth, Banner Bank, Capital One, Fulton Bank, Great Southern Bank, IBC Bank, Peoples Bank, Renasant Bank, and Washington Trust Bank.
Top-ranked banks in the states also included smaller lenders offering specialist services in only a small number of states. Skowhegan Savings in Skowhegan, Maine tops our list for the state of Maine, while
Hills Bank, First Security Bank, Points West Community Bank, Conway National Bank and First Community Bank lead our rankings in Iowa, Montana, Nebraska, South Carolina and Arkansas, respectively.
The highest-rated bank overall was First Bank Kansas, which had an overall ratio of 94.13. Founded in 1961 by Glenn Bramwell at the bank’s current headquarters in Salina, Kansas, First Bank has been a family lender throughout its history.
Mcharcoal credit unions only are the lifeblood of the US economy, where tens of millions of Americans look to get the most competitive interest rates on financial products like mortgages. Their non-profit model, where the members of a bank are its owners, helps put customers first and results in higher levels of satisfaction.
Many of America’s largest credit unions were founded decades ago by workers from large local businesses, military bases, labor groups, and industries looking for banking services have grown into large institutions with dozens of people. thousands of customers, large loan portfolios and sophisticated digital banking services. .
The credit union with the best overall score was Tennessee Valley Federal Credit Union, based in Chatanooga, Tennessee, which obtained a score of 95.63. Founded in 1936, a few years after then-President Franklin Delano Roosevelt enacted the Federal Credit Union Act, TVFCU was to serve members of the Tennessee Valley Authority, a public service that was an essential part of the “New Deal”. “. TVA workers built a hydroelectric power station on the Tennessee River, which is now the base of a utility serving 10 million people in six states. The credit union for these employees, TVFCU, now serves 160,000 members in 19 branches, carrying the mission of “people who help people”. The credit union’s assets now stand at nearly $ 2 billion, while deposits are $ 1.7 billion.
Credit unions generally operate locally, but five of them have qualified as the best in the state in several locations.
Mountain America Credit Union, founded in the 1930s, finished in the top five in Arizona, Utah and Idaho, where it placed first. With $ 13 billion in assets and 990,000 members, it is one of the largest and fastest growing credit unions in the country, covering clients in the western United States and in the mountains. Rockies.
America First Credit Union ranked first in Nevada and second in Utah. Founded in 1939 in Salt Lake City, Utah, America First initially used a can of Prince Albert tobacco to hold all of its cash deposits, then only $ 788. It has since become a major lender in the Mountain West States. The total membership stands at nearly 2 million members, making it the fifth largest credit union in America by number of members. America First’s $ 15.9 billion in assets make it the eighth largest credit union in terms of assets.
Community America Credit Union, DCU, Visions Federal Credit Union, and Security Service Federal Credit Union, founded in 1956 at Kelly Air Force Base in San Antonio, were other credit unions to receive several awards from the state’s top credit unions. .
The other best performing credit unions were small credit unions serving specialized communities. Founded in 1953, Otero Federal Credit Union, based in Alamogordo, New Mexico, is one of the smallest in the country, with just 95 employees in total. He placed second overall according to our poll with a score of 93.65, ranking No.1 in New Mexico.
Other top credit unions in the state with the highest overall ratings included Visions Federal Credit Union in New York, ELGA Credit Union in Michigan, CSE Federal Credit Union in Ohio, and Sikorsky Financial Credit Union in Connecticut, all of which received ratings. above 92.