Five Michigan Credit Unions Named Among Forbes’ Best-In-State
Congratulations to Honor Credit Union, Wildfire Credit Union, Credit Union ONE, DFCU Financial and Consumers Credit Union, who were all named among Forbes’ Best-In-State Banks and Credit Unions.
Due to 35 years of massive consolidation and nearly 3,000 bank failures, the total number of commercial banks and savings institutions in the U.S. has dropped nearly 70 percent since the mid-1980s. This, combined with the growing popularity of online banking, makes it even more important for local banks to demonstrate their assets by way of customer service, accessibility and financial advice.
With this in mind, Forbes partnered with Statista, a market research firm, to produce a first-ever compilation of Best-In-State Banks and Credit Unions. Rather than gauging balance sheets and P&L statements, as Forbes does for its ranking of the 100 largest banks in January, Statista surveyed more than 25,000 consumers in the U.S. about current and former banking relationships.
Banks and credit unions were rated on overall recommendation and satisfaction, as well was five subdimensions: trust, terms and conditions, branch services, digital services and financial advice.
“It’s a huge honor that we would be selected,” said Linda McGee, Wildfire Credit Union’s vice president of membership development. “It reinforces what we try to do every day. That’s to make our member experience as special as it can be.”
Final scores ranged from 40 to 95.4. In total, 124 banks and 145 credit unions made the final cut, or 2.4% of U.S. financial institutions. Unsurprisingly, credit unions, with their member-owned cooperative structure, outpaced banks with an average score of 80 versus 75.2 for banks.
All five Michigan credit unions scored considerably higher than the national credit union average:
- Honor Credit Union, Berrien Springs: 89.42
- Wildfire Credit Union, Saginaw: 87.68
- Credit Union ONE, Ferndale: 86.52
- DFCU Financial, Dearborn: 86.17
- Consumers Credit Union, Kalamazoo: 85.85
In true credit union spirit, many of Michigan’s winners continued to reflect on the collaborative forces that help them do what they do.
“You can’t be the best credit union without the best members, best community and best volunteer board,” said Scott McFarland, Honor Credit Union’s CEO. “We’re humbled but excited for the co-op movement and that Forbes is recognizing credit unions. Really, our team that serves our members has gotten us recognized as one of the best in the state of Michigan — that’s an impressive pool to pull from.”Go to main navigation