Local banks, credit unions lauded

Six local banks and nine credit unions earned a 5-Star Superior rating from BauerFinancial Inc.
Six local banks and nine credit unions earned a 5-Star Superior rating from BauerFinancial Inc.

MIDDLETOWN – Six local banks and nine credit unions earned a 5-Star Superior rating from BauerFinancial Inc., including People’s Credit Union for the 96th consecutive quarter.
“A 5-Star rating indicates that People’s Credit Union is one of the strongest credit unions in the nation, excelling in such areas as capital, loan quality, profitability and much more,” said Karen L. Dorway, president of BauerFinancial, in a statement. “Earning the Sustained Superiority designation process [shows] that People’s Credit Union has been getting it right for a long time.”
Florida-based BauerFinancial, an independent bank and credit union rating and research firm, has reported on the performance of U.S. banks and credit unions since 1983, according to a press release.
Local banks to receive the top ranking include BankFive, BankNewport, BayCoast Bank, Bristol County Savings Bank, Centreville Savings Bank and Washington Trust.
Credit unions include Cranston Municipal Employees Credit Union, Navigant Credit Union, Pawtucket Credit Union, Pawtucket Municipal Employees Credit Union, People’s Credit Union, Postal Employees Regional Federal Credit Union, Rhode Island Credit Union, Wave Federal Credit Union and Westerly Community Credit Union.
In a press release from People’s, Dorway commended credit unions for their services.
“According to our own surveys, Consumer Reports concluded that credit unions are best for in-person customer service as well as lower fees,” Dorway continued. “Over 90 percent of credit union members responding to the CR survey indicated they were ‘highly satisfied’ versus less than 70 percent for the four largest national banks.”
People’s, headquartered in Middletown, has six locations throughout the state. The member-owned, state-chartered credit union was established in 1922. Ellen Ford, People’s president and CEO, lauded the accolade in a statement.
“At People’s Credit Union, we take pride in our commitment to the community, and our ability to offer products and services that meet each individual’s unique needs. Without the support of our great members and dedicated staff, we wouldn’t have had the benefit of receiving such a prestigious rating,” Ford said. “We would like to extend our sincere gratitude to all of our loyal members and look forward to helping new members who choose to bank with People’s Credit Union.”
No institution can pay or opt out of the BauerFinancial rating.

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