Maine CUs dominate Forbes list of ‘Best In State’

When Forbes magazine released its list of the country’s “best-in-state” financial institutions, credit unions were the clear winners in Maine. Of the four Maine financial institutions on the first-ever list, three were credit unions.

Three federal credit unions made the list of best-in-state credit unions — Cumberland County FCU, based in Falmouth; Town & Country FCU, South Portland; and Acadia FCU, which has headquarters in Fort Kent. Augusta-based Kennebec Savings Bank was Maine’s only best-in-state bank on the list. Cumberland County FCU had the second highest score of credit unions nationally, just behind Barksdale FCU in Louisiana.

“It’s great to see that, of financial institutions ranked in Maine, credit unions hold 3 of the 4 spots. In our research, we have found similar conclusions that when it comes to member satisfaction and service, the member-owned, cooperative nature of credit unions resonates with consumers,” stated Todd Mason, President/CEO of the Maine Credit Union League.

The list is based on a national satisfaction survey of more than 25,000 banking customers, according to the Forbes website. Conducted by market research firm Statista, the study considered factors such as trust, terms and conditions, branch services, digital services and financial advice.

In total, 124 banks and 145 credit unions, or 2.4% of U.S. financial institutions, made the cut.

Nationally, according to Forbes, credit unions outpaced banks with an average score of 80 versus 75.2 for banks.