{"id":9167,"date":"2023-08-06T09:24:56","date_gmt":"2023-08-06T09:24:56","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/banking\/meet-the-best-banks-and-credit-unions-in-each-state-2023\/"},"modified":"2023-08-06T09:24:56","modified_gmt":"2023-08-06T09:24:56","slug":"meet-the-best-banks-and-credit-unions-in-each-state-2023","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9167","title":{"rendered":"Meet The Best Banks And Credit Unions In Each State 2023"},"content":{"rendered":"
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When Stacey Marmolejo was looking to expand her music school franchise several years ago, she went to the national bank where she had an account and asked to secure an expansion loan. \u201cI thought my financials and my experience with the bank would be enough,\u201d she says. \u201cBut the banker said he didn\u2019t see the second location as an expansion but as an entirely new business, and as such, I needed to come up with 30% of the money needed to open the second location.\u201d<\/p>\n

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But then, a mentor introduced Marmolejo to the concept of local and regional banks. Until then, she\u2019d thought that \u201ca bank is a bank,” she says. \u201cI couldn’t have been more wrong.\u201d<\/p>\n

Marmolejo secured a loan with much better terms at an independent bank called the Business Bank of Minnesota, which was later acquired by a regional bank called Bell Bank (No. 1 in North Dakota)\u2014and she never looked back. At the local bank, she enjoyed excellent rates, personalized service and lasting relationships. \u201cMy banker became another financial expert on my team,\u201d says Marmolejo. \u201cWe talked monthly about the financials, and he had suggestions and recommendations. The support was so great that I moved my personal account to the bank, as well.\u201d<\/p>\n

She worked with the same three people at the bank for the 16 years she owned that business, and she still has her personal account at Bell Bank, which ranked No. 1 in North Dakota (where it\u2019s headquartered) on our sixth annual list of the Best Banks In Each State 2023<\/strong>.<\/p>\n

To create the list\u2014in addition to our list of the Best Credit Unions in Each State 2023<\/strong>\u2014Forbes<\/em> partnered with market research firm Statista and surveyed approximately 31,000 U.S. residents. Participants were asked to name all the banks and credit unions where they have a checking or savings account and evaluate these institutions based on criteria such as customer service, the quality of the financial advice representatives offer and whether fees are transparent and reasonable. They were also asked about the ease of navigating the company website, on-location branch services and the overall level of trust the companies inspired. Additionally, reviews and ratings posted on Google Reviews between March 2020 and April 2023 were evaluated for each bank and credit union.<\/p>\n

Large nationwide banks and credit unions with branches in more than 15 U.S. states\u2014like Bank of America, JPMorgan Chase, Wells Fargo and Navy Federal Credit Union\u2014were excluded so that the lists reflect the best of the smaller, regional institutions. Outside of the nation\u2019s largest banks and credit unions, there are approximately 4,100 regional and community banks and nearly 4,900 credit unions.<\/p>\n

Ultimately, 137 banks and 147 credit unions across all U.S. states made the lists, with 164 awards given to the banks and 157 awards given to the credit unions.<\/p>\n

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\u201cSmall businesses do better with regional banks because the large money center banks (the national banks) really don’t want to deal with these smaller businesses,\u201d says Bob G. Wood, Ph.D., professor of finance at the University of South Alabama\u2019s Mitchell College of Business. At a local or regional financial institution, however, people seeking a loan \u201ccan go in and not have to wait two weeks while it goes up the chain and comes back down\u2014it\u2019s so much easier,\u201d he says.<\/p>\n

Credit Unions Versus Banks<\/strong><\/h2>\n

The credit unions that topped the rankings offer many of the same personalized benefits that local and regional banks provide but with a nonprofit model.<\/p>\n

Case in point: Mark Ostrom\u2014also in Minnesota\u2014switched to Affinity Plus Federal Credit Union (No. 5 in Minnesota) years ago because he didn\u2019t feel appreciated at his larger commercial bank since he \u201cdidn\u2019t have seven figures in the bank,\u201d he says. At the credit union\u2014owned and controlled by the members who use its services\u2014Ostrom received both financial and community support.<\/p>\n

When he launched his nonprofit business, the Joy Collaborative, which creates enriching spaces for kids with chronic or life-limiting conditions, the representative who opened the account \u201cnot only did a great job getting us established, but has since become a personal friend and is now doing volunteer work for us,\u201d says Ostrom. \u201cThis same person recommended us for a community grant, which we were awarded!\u201d<\/p>\n

The community grant, from the Affinity Plus Foundation, funded the creation of a joy room in the Transitional Healing Center in Minneapolis run by Firefighters for Healing. And the support didn’t stop there. \u201cI knew they had our back, were actively engaged in our project and have since become a huge advocate for us,” says Ostrom.<\/p>\n

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Jennifer Bush, in California, has been banking with credit unions for most of her life and says that she loves \u201cthat they give back to the communities they are in through donations, scholarships, and education workshops and webinars.\u201d<\/p>\n

Beyond that, choosing a credit union has made good financial and practical sense. At Star One Credit Union in Santa Clara County (not ranked), where she currently banks, the offerings include \u201cfree, interest-paying checking accounts, lower interest rates on loans and credit cards and a more personalized approach to customer service,\u201d says Bush, a financial planner at MainStreet Financial Planning in Los Gatos. \u201cTheir website is great, and when I need to call them, I can get help quickly without going through a complicated phone tree.\u201d<\/p>\n

Sterling Nielsen, president and CEO of Mountain America Credit Union (No. 1 in Nevada and headquartered in Utah), says the core distinction between a credit union and a bank is \u201cownership\u201d\u2014and it dictates everything they do. \u201cWe\u2019re not here to make a profit,\u201d he says, \u201cwe\u2019re here to improve our members\u2019 lives.\u201d One way the credit union is held accountable to this mission is through its volunteer board, which is made up of elected members. \u201cEach member gets a vote whether they have $1 in deposits or a million dollars,\u201d he says. \u201cTheir sole purpose is to represent the membership.\u201d<\/p>\n

A Brighter Financial Future<\/strong><\/h2>\n

While the banks in our Best Banks In Each State rankings are for-profit businesses, they also emphasize bettering the lives of their customers. Capital One (No. 1 in Maryland, No. 2 in New Jersey and No. 5 in Texas), a regional bank known widely for its credit cards, \u201cwas founded on the belief that no one should be locked out of the financial system and that increasing access has the potential to improve their financial lives and that of future generations,\u201d says Celia Karam, president of the Retail Bank at Capital One. To this end, in January 2022, Capital One eliminated overdraft and non-sufficient funds fees for customers, helping to remove barriers to financial security.<\/p>\n

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Plus, not only does Capital One offer an array of digital products, but customers also have the option to get support on the phone or in person at one of the many Capital One Caf\u00e9s, which are not your typical bank branches. Customers and non-customers alike are welcome to have coffee, ask banking questions, work or simply relax. \u201cThe Caf\u00e9s also serve as community hubs, where we offer free meeting spaces and nooks for community organizations, student groups and nonprofits,\u201d says Karam.<\/p>\n

So if you\u2019re looking for a financial institution that offers a personal connection, customized solutions, fewer fees and a vested interest in your community, you may want to consider one of the banks or credit unions on our lists.<\/p>\n

Or take it from Michael Johan, a commercial general contractor who banks with FirstBank (No. 3 in Colorado): \u201cThe local networks of banks and credit unions are part of the glue that binds our communities together.\u201d<\/p>\n

For the full list of the the Bests Banks in Each State, <\/em><\/strong>click here<\/em><\/strong>.<\/em><\/strong><\/p>\n

For the full list of the Best Credit Unions in Each State, <\/em><\/strong>click here<\/em><\/strong>.<\/em><\/strong><\/p>\n

Methodology<\/strong><\/h2>\n

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To create the lists of Best Banks And Credit Unions In Each State 2023, Forbes<\/em> partnered with market research firm Statista for the sixth time and surveyed approximately 31,000 U.S. residents. Participants were asked to name all the banks and credit unions where they have a checking or savings account and evaluate these institutions based on criteria such as customer service, the quality of the financial advice representatives offer, whether fees are transparent and reasonable, ease of navigating the company website, on-location branch services and the overall level of trust the companies inspired.<\/p>\n

Large nationwide banks and credit unions with branches in more than 15 U.S. states\u2014like Bank of America, JPMorgan Chase, Wells Fargo and Navy Federal Credit Union\u2014were excluded so that the lists reflect the best of the smaller, regional institutions. Outside of the nation\u2019s largest banks and credit unions, there are approximately 4,100 regional and community banks and nearly 4,900 credit unions.<\/p>\n

Online reviews and ratings posted on Google Reviews between March 2020 and April 2023 were also evaluated for each bank and credit union. These reviews and ratings accounted for 20% of the scoring, while the surveys accounted for 80%.<\/p>\n

All told, 164 awards were given to 137 unique banks, and 157 awards were given to 147 unique credit unions across all U.S. states.<\/p>\n

As with all Forbes<\/em> lists, companies pay no fee to participate. For questions about this list, please contact listdesk (at) forbes.com.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When Stacey Marmolejo was looking to expand her music school franchise several years ago, she went to the national bank where she had an account and asked to secure an expansion loan. \u201cI thought my financials and my experience with the bank would be enough,\u201d she says. \u201cBut the banker said he didn\u2019t see the<\/p>\n","protected":false},"author":1,"featured_media":9168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"class_list":{"0":"post-9167","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking"},"yoast_head":"\nMeet The Best Banks And Credit Unions In Each State 2023 | iSafeSpend<\/title>\n<meta name=\"description\" content=\"When Stacey Marmolejo was looking to expand her music school franchise several years ago, she went to the national bank where she had an account and asked\" \/>\n<meta name=\"robots\" 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