Banking & Finance and Retail

Banks and credit unions rank among 'best' in state

August 20, 2019
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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 financial institutions have been ranked on a list of the “best” banks and credit unions in each state.

Forbes recently published a second-annual ranking called “The Best Banks and Credit Unions in Every State,” and 10 institutions in West Michigan made the list.

Methodology

Forbes partnered with the market research firm Statista to poll more than 25,000 people in the U.S. about their banking relationships in a 20-question survey.

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

Nationwide financial institutions with branches in at least 15 states were excluded from the final rankings, including Bank of America, Chase Bank, PNC Financial, U.S. Bank and Wells Fargo. Navy Federal Credit Union, which operates in 30 states, was the only credit union eliminated.

Overall, 149 banks and 182 credit unions qualified, representing 3.1% of U.S. financial institutions.

Final scores ranged from 57.2 to 96.2, with 100 being the highest possible score.

Credit unions, which are member-owned, outpaced banks with an average score of 90, versus 82 for banks, Forbes said.

Michigan’s “best” banks

1. Independent Bank, Grand Rapids

2. Huntington, Columbus, Ohio, with a large West Michigan presence

3. TCF Financial, Detroit, with West Michigan locations

4. Flagstar Bancorp, Troy, with West Michigan locations

5. Chemical Bank (which merged with TCF as of Aug. 1 to become a division of TCF Bank), Detroit, with a large West Michigan presence

Michigan’s “best” credit unions

1. DFCU Financial, Dearborn, with a West Michigan presence

2. Credit Union ONE, Ferndale, with a West Michigan branch

3. Lake Michigan Credit Union, Grand Rapids

4. MSU Federal Credit Union, East Lansing, with a Grand Rapids presence

5. Honor Credit Union, Berrien Springs, with West Michigan locations

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