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July 11, 2018

Forbes names 4 Maine financial institutions 'best-in-state'

Forbes magazine has named four Maine financial institutions to its first list of the country’s “best-in-state” banks and credit unions.

The magazine listed Augusta-based Kennebec Savings Bank as Maine’s only best-in-state bank. Three federal credit unions made the list of best-in-state credit unions — Cumberland County FCU, based in Falmouth; Town & Country FCU, South Portland; and Acadia FCU, which has headquarters in Fort Kent.

The list is based on a national satisfaction survey of more than 25,000 banking customers, according to the Forbes website. Conducted by market research firm Statista, the study considered factors such as trust, terms and conditions, branch services, digital services and financial advice.

The institutions were then scored on a 100-point scale, with the lowest one receiving a score of 40. Between one and five of the institutions in each state were named “best,” depending on the number of survey responses.

In total, 124 banks and 145 credit unions, or 2.4% of U.S. financial institutions, made the cut.

The survey did not poll customers of financial institutions doing business in more than 15 states. Thirteen banks, including Bank of America, Wells Fargo and Chase Bank, were excluded for that reason, as well as one credit union, Navy Federal Credit Union.

Kennebec score 89.45 in the evaluation of banks. Maine’s best-in-state credit unions scored the following: Cumberland County, 94.88; Town & Country, 84.95; and Acadia, 84.72.

Forbes’ top-ranked bank in the country was Connecticut's Thomaston Savings Bank, which scored 95.44. The top credit union was Louisana's Barksdale Federal Credit Union, with a score of 94.93.

Credit unions, which are member-owned financial cooperatives, outpaced banks with an average score of 80 versus 75.2 for banks, according to Forbes.

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