| Star Rating | Bank Name | Institution Type | Employees | HQ Location | Operating States |
|---|---|---|---|---|---|
| ★★★★★ | NBT Bank National Assn | Bank | 1543 | Norwich, New York | NY, NH, PA, VT, MA, ME, CT |
| ★★★★★ | Berkshire Bank | Bank | 1328 | Pittsfield, Massachusetts | MA, CT, NY, VT, RI |
| ★★★★★ | Northeast Community Bank | Bank | 138 | White Plains, New York | MA, NY |
| ★★★★½ | Trustco Bank | Bank | 791 | Glenville, New York | FL, NY, NJ, VT, MA |
| ★★★★½ | PeoplesBank | Bank | 315 | Holyoke, Massachusetts | MA, CT |
| ★★★★½ | Rockland Trust Co | Bank | 1712 | Rockland, Massachusetts | MA |
| ★★★★½ | Athol Savings Bank | Bank | 79 | Athol, Massachusetts | MA |
| ★★★★ | Coastal Heritage Bank | Bank | 113 | Weymouth, Massachusetts | MA |
| ★★★★ | Webster Bank National Assn | Bank | 4267 | Stamford, Connecticut | NY, CT, MA, RI |
| ★★★★ | Bank of Canton | Bank | 101 | Canton, Massachusetts | MA |
| ★★★★ | Santander Bank N A | Bank | 7110 | Wilmington, Delaware | MA, NY, NJ, CT, PA, RI, NH, FL, DE |
| ★★★★★ | Santo Christo | Credit Union | NA | Fall River, Massachusetts | MA |
| ★★★★★ | Westport | Credit Union | NA | Westport, Massachusetts | MA |
| ★★★★½ | Digital | Credit Union | 1745 | Marlborough, Massachusetts | MA, NH |
| ★★★★½ | Webster First | Credit Union | 199 | Worcester, Massachusetts | MA |
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METHODOLOGY
For the first time, Plant-A Insights Group and Newsweek partnered to determine America's Best Regional Banks and Credit Unions 2024. The study analyzed all regional banks and credit unions in the United States (approx. 9,440 institutions) and applied the following methodology:
* To keep the focus on regional banks and credit unions, we excluded the nationwide operating banks and credit unions such as JP Morgan Chase, Bank of America from the ranking.
* Furthermore, we applied our own set of parameters to all remaining institutions. The selected parameters* covered various aspects such as profitability, financial relevance, risk exposures to financial uncertainties and overall health and stability of the financial institution:
⚬ Texas Ratio: The Texas ratio is considered a valuable tool for evaluating bank creditworthiness as it provides a measure of a bank's ability to absorb potential losses on its non-performing assets.
⚬ Profitability: Profitability allows to build and maintain financial reserves, which act as a buffer against potential losses and economic downturns.
⚬ Net loan and lease: Net loans and leases amount given by a bank is a key measure of its lending activity and overall financial health.
⚬ Media Monitoring: We screened the press coverage of all institutions over the last two years to identify potential customer risks or legal and reputational risks (monitoring period: November 4, 2023–December 18, 2023). Institutions with negative findings were removed from the ranking.
The analysis was followed by an elaborate large-scale independent customer survey of >35,000 U.S. citizens. The survey was designed to review institutions through their customer journeys on 12 categories using 75 items. The survey collected > 140,000 reviews for regional banks and credit unions distributed across all states.
In addition, we programmatically collected more than 1.3 million social media reviews and 148 million Apple App store and Google Play store reviews to support our scoring model.
A score per institution has been calculated based on our scoring model. The best 250 regional banks and the best 250 regional Credit Union have been recognized as America's Best Regional Banks and Credit Unions 2024. The number of institutions included in the ranking varies by state, based on the number of evaluations gathered and the overall scores. The performance of regional banks and credit unions that are not included in the ranking is not disputed.
Note: As with all our rankings, America's Best Regional Banks and Credit Unions 2024 is continually updated based on available information. We have deleted two companies from this list.
Disclaimer:
This work is based on primary and secondary market research and analysis of publicly available data or provided to Plant-A Insights Group LLC. Placement in the ranking is a positive recognition based on research of publicly available data sources at the time, the information provided in the validation survey and an extensive survey of bank and credit union customer in the U.S. The ranking is the result of a detailed research process. Furthermore, events following December 18, 2023, were not a subject of this ranking. Newsweek and Plant-A make no claim to the completeness of the companies examined. The information provided in this ranking should be considered in conjunction with other available information. The results of this ranking should not be used as the sole source of information for future deliberations. The information provided in this ranking should be considered in conjunction with other available information about regional banks and credit unions or, if possible, accompanied by a visit to a branch. Plant-A nor any of its subsidiaries or their respective officers, directors, shareholders, employees or agents accept any responsibility or liability with respect to the use of or reliance on any information or analysis contained in this document. The quality of companies that are not included in the ranking is not disputed. This work is copyright by Plant-A and may not be published, transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permission of Plant-A Insights Group LLC .Copyright © 2023 Plant-A Insights Group LLC. All rights reserved.
The desk research was kindly supported by Onclusive, the leading media monitoring partner with its world-class sentiment technology and PrivCo, a service that tracks private company financial information in a proprietary database.
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Click here to request the detailed methodology document.
