PROVIDENCE – BankNewport, based in Middletown, was the only Rhode Island-based bank to be named to Forbes magazine’s 2018 “Best-In-State” rankings for financial institutions.
Five banks based in Massachusetts also made the list, topped by Brockton-based HarborOne Bank, a subsidiary of HarborOne Bancorp Inc., which entered into an agreement to acquire Warwick-based Coastway Bancorp Inc. in March for $125.6 million, followed by Easthampton Savings Bank of Easthampton, Rockland Trust of Rockland, Eastern Bank and Berkshire Bank, both based in Boston.
A bank’s score on the Forbes list reflects customer opinion and satisfaction. Only banks receiving the highest ratings were awarded the “Best-In-State” title – less than 2.5 percent of all banks nationwide.
Larger national and international banks that have branches in more than 15 states were excluded from the survey by Forbes and market research firm Statista, which focused on mid-sized banks.
Forbes and Statista also rated credit unions. Navigant Credit Union was the only Rhode Island-based credit union to make the list. In the Bay State, only three credit unions were named to the list, led by Rockland Federal Credit Union, followed by Digital Federal Credit Union and Workers Credit Union.
Statista surveyed more than 25,000 customers in the U.S. for their opinions on their current and former banking relationships. The banks and credit unions were rated on overall recommendations and satisfaction, as well as five sub-dimensions: trust, terms and conditions, branch services, digital services and financial advice.
Scott Blake is a PBN staff writer. Email him at Blake@pbn.com.
