Forbes Names VTFCU Among Best in State Posted by Association of Vermont Credit Unions on 3:28 PM

Forbes partnered with market research firm Statista to produce its first-ever look at the Best-In-State Banks and Credit Unions. Instead of measuring financial data, Statista surveyed over 25,000 financial institution customers in the U.S. for opinions on current and past banking relationships. The banks and credit unions were rated on overall recommendations and satisfaction, as well as trust, terms and conditions, branch services, digital services and financial advice. Institutions with branches in 15 or more states were eliminated, which excluded 13 banks and 1 credit union.  Between one and five institutions were awarded Best-In-State designation, based on the number of responses in each state.

In total, 124 banks and 145 credit unions made the final cut. Credit unions outpaced banks with an average score of 80 versus 75.2.  “Customers prefer credit unions because they themselves are the shareholders,” says Statista CEO Friedrich Schwandt. “This is somewhat in keeping with the motto ‘Small is beautiful.’”

Vermont Federal Credit Union earned Forbes' Best in State designation among Vermont credit unions.  The credit union holds over $530m in assets and serves approximately 39,000 members from its 6 locations.  Meanwhile, Mascoma Bank in White River Junction earned the designation among for-profit institutions.

See all of the Best in State results for credit unions and banks, and read the Forbes article.