Stockman Bank ranked among the best in the country by Forbes | Local News
According to a Forbes article, a local bank was ranked as one of the best in the country. Stockman Bank, headquartered in Miles City with branches in Terry, Wibaux, Glendive, Richey, Sidney and Plentywood in eastern Montana and 36 branches across the state, was on the coveted list of the best banks in Forbes.
As the US economy recovers from the coronavirus pandemic, banks and credit unions across the country have been at the forefront of a rapid economic recovery. There are just over 10,000 banks and credit unions nationwide, most of them small local lenders who are essential to American life, providing low cost financial products and personalized customer service.
During the pandemic, these lenders were relied on by small businesses and acted as the most active participants in the Small Business Administration’s paycheck protection program, pumping hundreds of billions of dollars into millions of businesses across the country. nationwide, preventing layoffs and business closures. As the recovery is in full swing, these banks and credit unions have gone on the offensive, lending to households buying homes and cars and helping existing homeowners refinance their mortgages to take advantage of low interest rates.
Small community lenders are the most competitive when it comes to offering low rates on mortgages, consumer loans, and deposit accounts. But there is a huge divergence on how the banks are doing. To assess which companies have the most satisfied customers, Forbes has partnered with market research firm Statista to survey nearly 25,000 people in the United States about their banking relationships. The result is our fourth annual ranking of the best banks and credit unions.
Consumers were asked 20 questions about their financial transactions. Banks and credit unions were rated based on overall recommendations and satisfaction, as well as five sub-dimensions (trust, terms and conditions, agency services, digital services, and financial advice). Overall scores ranged from 77.38 to 95.63. Only 2.7% of all banks and 3.6% of all credit unions were on our list.
Domestic financial institutions with branches in at least 15 states were excluded from the final ranking. Nearly a dozen domestic banks were omitted, including Bank of America, JPMorgan Chase Bank, PNC Financial, US Bank, Truist Financial, and Wells Fargo. The Navy Federal Credit Union, which operates in more than 30 states, was the only credit union eliminated for its size.
Between one and five banks and up to ten credit unions in each state received the Best-In-State designation, based on the number of responses in each state. On average, each bank and credit union received 40 consumer surveys that asked users about everything from the ease of use of mobile banking to transparency of fees and interest rates to opening hours and accessibility of bank branches. A total of 135 unique banks and 190 unique credit unions qualified.