Apple Federal Credit Union, Union Bank & Trust recognized in Forbes survey

Published July 20, 2018 by Robert Powell, III

Apple Federal Credit Union and Union Bank & Trust have been named Virginia’s best in-state credit union and bank by Forbes.

The business publication partnered with Statista, a market research firm, to produce lists of top financial institutions in each state.

Rather than evaluating balance sheets and P&L statements as Forbes does in its annual ranking of the nation's 100 largest banks, Statista surveyed more than 25,000 U.S. customers asking about their banking relationships.

The financial institutions were rated on overall recommendations and satisfaction, plus five “subdimensions” (trust, terms and conditions, branch services, digital services and financial advice).

Nationwide financial institutions such as Bank of America, Wells Fargo and Navy Federal Credit Union, which have branches in at least 15 U.S. states, were excluded from the rankings.

Scores ranged from 40 to 95.4. Up to five banks and credit unions were recognized in each state, depending on the number of responses in those states.

Apple Federal led the top-scoring credit unions in Virginia with a total of 90.66. It was followed by Virginia Credit Union, 85.36; DuPont Community Credit Union, 84.93; ABNB, 82.96; and Eastman Credit Union, 82.59.

Union Bank & Trust was the top-scoring Virginia bank in the survey with a score of 86.95. Other banks recognized by the Forbes survey were: Carter Bank & Trust, 76.46; and Capital One Financial, 76.03.

Overall, 145 credit unions and 124 banks made the survey's final cut, 2.4 percent of all U.S. financial institutions