PROVIDENCE – Navigant Credit Union and Coastal1 Credit Union ranked No. 1 and No. 2, respectively, in Rhode Island in the Forbes 2024 ranking of credit unions by state.
Forbes said the rankings nationwide were based on surveys conducted with about 26,000 U.S. residents, who were asked to name all the banks and credit unions where they currently have – and previously had – a checking or savings account, and to identify financial institutions they know through the experiences of friends and family.
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Only Navigant and Coastal1 appeared in the Rhode Island rankings. The state has 15 credit unions.
Smithfield-based Navigant – which was named Credit Union Central Falls until 2007 – is Rhode Island’s largest credit union, with $3.8 billion in assets, 27 branches and 148,130 members, according to financial data provided by industry organization America’s Credit Unions.
Pawtucket-based Coastal1 – previously known as Pawtucket Credit Union – is the second-largest credit union, with $3.3 billion in assets, 19 branches and 139,016 members, according to the data.
Respondents to the Forbes survey were asked to share their level of satisfaction with those institutions, their willingness to recommend it to others, and to rate the organization on customer service, the quality of financial advice offered by representatives, fee structures, ease of navigating digital and in-person services, and the degree of trust the financial institutions inspired.
Survey responses from the last three years were taken into consideration, with more recent data and responses from current customers weighted more heavily in the analysis than the older data and responses from former customers and friends and family.
Since the list launched in 2017, Navigant said, it has earned the No. 1 ranking in Rhode Island five separate times.
“In an increasingly competitive marketplace, we strive every day to give Rhode Islanders a reason to trust us with their hard-earned assets – and we are proud to see those efforts recognized through this recent honor,” said Navigant CEO and President Kathleen C. Orovitz. “As always, we owe our success to our incredible team of employees and their collective passion for providing unmatched service to our more than 150,000 members across the state.”
Forbes’ full list of best-in-state credit unions can be found by clicking here.
