Banking & Finance

Banks and credit unions rank among 'best in state'

August 14, 2018
Print
Text Size:
A A
Independent Bank Plainfield Township East Beltline branch
Ionia-based Independent Bank operates a network of branches across the Lower Peninsula, including one in Plainfield Township. Photo via independentbank.com

A group of institutions have been ranked on an inaugural list of the best banks and credit unions in every state.

Forbes recently published a ranking called “The Best Banks and Credit Unions from Every State” in partnership with market research firm Statista.

Methodology

Unlike its annual ranking of the 100 largest banks, which is based on balance sheets and profit and loss statements, these new lists are based on a survey of 25,000 customers asking for their opinions “on their current and former banking relationships,” Forbes said.

The institutions were then rated on overall recommendations and satisfaction, as well as five subdimensions: trust, terms and conditions, branch services, digital services and financial advice.

Nationwide financial institutions were eliminated from the ranking, such as PNC, Bank of America, Wells Fargo and Chase Bank.

According to Forbes, 124 banks and 145 credit unions made the list, representing 2.4 percent of U.S. financial institutions.

Final scores ranged from 40 to 95.4, with 100 being the highest possible score.

Credit unions, which are member-owned, outpaced banks with an average score of 80, versus 75.2 for banks, Forbes said.

Michigan’s best banks

1. Huntington Bancshares, Columbus, Ohio, with a large presence in Michigan
2. Independent Bank, Grand Rapids
3. TCF Financial, Wayzata, Minnesota, with a large presence in Michigan

Michigan’s best credit unions

1. Honor Credit Union, Berrien Springs
2. Wildfire Credit Union, Saginaw
3. Credit Union ONE, Grand Rapids
4. DFCU Financial, Dearborn
5. Consumers Credit Union, Kalamazoo

Recent Articles by Rachel Watson

Editor's Picks

Comments powered by Disqus