Local Government Federal Credit Union earned the rank of No. 1 Credit Union in North Carolina, in Forbes magazine’s first-ever listing of the Best-In-State Banks and Credit Unions.
LGFCU earned an impressive score of 94.08 in the Forbes survey of more than 25,000 credit union members and bank customers across the U.S., who were asked to rank their current and former financial institutions on criteria including trust; terms and conditions; branch services; digital services; financial advice; and overall recommendations and satisfaction.
“Our 330,000 loyal members already believe LGFCU is the best Credit Union to be found anywhere,” said LGFCU Chief Executive Officer Maurice Smith. “Seeing our name at the top of this Forbes ranking just proves what our members know and want to share with others: That we’re a member-owned, nonprofit cooperative working hard to earn their trust and business.”
Factors most important to members
In conducting its Best-In-State Banks and Credit Unions survey, Forbes noted the importance of customer service, accessibility and financial advice in an industry that has seen massive changes since the mid-1980s, including significant growth in online services.
Overall, credit unions fared better than banks in the Forbes survey, with an average score of 80 compared to 75.2 for banks. Results of the survey were released in late June.