WATERFORD, Conn.–Charter Oak Federal Credit Union has been named the “Best In State” credit union for all of Connecticut in the first-ever Forbes Media nationwide survey of the best financial institutions.
Charter Oak received the top honor based on a number of criteria, including overall recommendations and satisfaction, as well as trust, terms and conditions, branch services, digital services and financial advice.
“We’re honored and proud to be named by Forbes as the ‘Best In State’ credit union,” said Brian A. Orenstein, Charter Oak’s president and CEO. “We've worked very hard to deliver the best service we can to our members and provide them with the best products of any financial institution serving our marketplace,” he said. “So it’s very gratifying that the survey participants strongly agreed by awarding us this prestigious honor.”
This is the third top survey honor that Charter Oak has earned during 2018. Earlier this year, Charter Oak was awarded “Best Credit Union” in The Day Publishing Co.’s annual “Readers’ Choice” survey and Charter Oak was also named “Best Credit Union” in The (Norwich) Bulletin newspaper’s annual “Best Of” readership survey.
The nationwide online Forbes survey awarded its “Best In State” honors to only 145 credit unions across the country, which represents only 2.5% of the more than 5,800 credit unions in the United States. Forbes partnered with the market research firm Statista to produce the magazine’s first-ever look at the best-in-state credit unions and banks.
Overall, the nation’s credit unions scored higher than banks in the survey, with a ranking of 80 percent (based on a score from 0 to 100) compared to banks’ rating of 75.2%. Charter Oak’s ranking in the “Best In State” survey was 83%, the highest of any of the other Connecticut credit unions ranked by the survey.