Alabama and Florida credit unions showed their strength and popularity in recent rankings when Forbes partnered with market research firm Statista to produce its first-ever look at the Best-In-State Banks and Credit Unions. Statista surveyed more than 25,000 customers in the U.S. for their opinions on their current and former banking relationships. The banks and credit unions were rated on overall recommendations and satisfaction, as well as five subdimensions (trust, terms and conditions, branch services, digital services and financial advice).
In Alabama, Listerhill Credit Union earned the number two spot in the state, while Avadian Credit Union placed third in the rankings. In Florida, USF Federal Credit Union took the top spot, and Florida West Coast Credit Union was ranked number two. Eglin Federal Credit Union came in as the third highest in the state, while VyStar Credit Union was number four, and Suncoast Credit Union was awarded the number five spot.
In total, 124 banks and 145 credit unions made the final cut or 2.4 percent of U.S. financial institutions. Credit unions, which are member-owned financial cooperatives, outpace banks with an average score of 80 versus 75.2 for banks.
“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.’”
“We are so pleased to be ranked #2 in our state, especially since Florida is home to so many outstanding credit unions,” said Mary Wood, CEO of Florida West Coast Credit Union. “And, it just goes to show, you don’t have to be the biggest financial institution to provide great service. Florida West Coast Credit Union is the smallest credit union of those ranked in the Top 5 in Florida.”
Read more about the award here.