Suffolk Federal Credit Union has been named the #1 credit union on Long Island and the #2 credit union in New York State in a recent report from Forbes, cementing the Medford-based institution’s mission of delivering better banking for Long Island.
The distinction comes from Forbes’ fourth annual report of America’s Best Credit Unions in each state in partnership with research firm Statista. This year, nearly 25,000 Americans were surveyed to determine their level of satisfaction with their current financial institutions.
Forbes said that only 3.6% of all credit unions in the country made this year’s list.
“It is an incredible honor to have been named the best credit union on Long Island and one of the best in the state,” said Michele Dean, CEO and President of Suffolk Federal. “We strive to always provide the best possible products and service for our members and are thankful to our members for their recognition of that effort. The Forbes study is humbling and inspires us to keep improving as an organization.”
Scoring was determined based on members’ overall recommendations and satisfaction, as well as five subdimensions that included trust, terms and conditions, branch services, digital services and financial advice.
The news comes on the heels of Suffolk Federal’s recently announced community charter expansion by the National Credit Union Association (NCUA). This expanded charter will now allow the local NY credit union to offer its banking services in Nassau County, NY.
About Suffolk Federal
Suffolk Federal is a local not-for-profit cooperative financial institution owned and operated by its members. It was chartered in 1967 by the National Credit Union Administration (NCUA). The volunteer-directed credit union has assets in excess of $1.5 billion, 10 branches and over 63,000 members, including partnerships with the Suffolk County employee unions. Membership is open to anyone who lives, works, worships, attends school or regularly conducts business in Nassau and Suffolk counties as well as immediate family members of current membership.