Five New York credit unions have been named to Forbes’ Best Credit Unions in Each State list, released last week. They include:
- AmeriCU Credit Union based in Rome;
- ESL FCU based in Rochester;
- Mid-Hudson Valley FCU based in Kingston;
- Teachers FCU in Hauppauge; and
- Visions FCU based in Endicott.
To determine the best credit unions in each state, Forbes partnered with market research firm Statista to conduct in-depth interviews of more than 26,000 U.S. consumers.
Forbes concluded that the nation’s 4,839 regional and community banks, and 5,041 credit unions are “much different financial animals” than the biggest banks in the United States. “The behemoth banks have substantial chunks of revenue coming from their trading desks, investment banking divisions, and global lending operations,” according to Forbes. “By contrast, smaller banks and credit unions operate a more streamlined business model, focusing often exclusively on the fundamental banking functions of taking deposits and making loans.”
Congratulations to AmeriCU Credit Union, ESL FCU, Mid-Hudson Valley FCU, Teachers FCU and Visions FCU!