Carol Johnson, Southern Indiana Business Report
Forbes issued its list of the best banks and credit unions in the United States and a credit union headquartered in Bedford made the rankings for the best in Indiana.
Hoosier Hills Credit Union is ranked No. 3 for Indiana credit unions.
Information for the rankings was collected from customer surveys that evaluated banks and credit unions on their customer service, fee structures and quality of financial advice. HHCU also made the Forbes’ list of America’s Best Credit Unions in 2023.
“It is an incredible honor to be recognized year over year for the relentless dedication and
passion that our organization puts forth to serve our members and our communities,” said Travis Markley, president and CEO at Hoosier Hills Credit Union. “We have an exceptionally talented and committed team, combined with a loyal and engaged membership base, which is a tremendous recipe for success.”
HHCU has 196 employees serving members at 10 service centers across south central Indiana and northern Kentucky. Hoosier Hills was founded in 1969 and provides a wide array of loan, savings, investment, and insurance services to meet members’
financial needs.
According to the HHCU website, it has grown to more than $880 million in assets, serving 36,000 members.
Examples of some of its programs include a Financial Wellness Center that offers tools for members to improve their financial wellness and HHCU annually awards 17 scholarships to college-bound high school seniors.
Credit unions are not-for-profit financial cooperatives built to improve the financial lives of their members.
Top credit unions in Indiana
No. 1 IU Credit Union, Bloomington
No. 2 Forum Credit Union, Fishers
No. 3 Hoosier Hills Credit Union, Bedford
No. 4 Centra Credit Union, Columbus
No. 5 Everwise Credit Union, South Bend
Top banks in Indiana
No. 1 Centier Bank, Merrillville
No. 2 First Farmers Bank & Trust, Converse
No. 3 Alliance Bank, Francesville
No. 4 1st Source Bank, South Bend
No. 5 Huntington Bank, with several branches in Indiana, headquartered in Columbus, Ohio
About the rankings
To create the seventh annual list, Forbes partnered with market research firm Statista and surveyed approximately 26,000 United States residents. Participants were asked to name banks and credit unions at which they currently have (and previously had) a checking or savings account. They were also asked about banks and credit unions they know through friends and family. Respondents were asked if they would recommend those institutions to others and to rate them on such criteria as customer service, fees, digital offerings, financial advice given by representatives, and the trust the organizations inspired.
In addition to the survey responses, Statista collected online text reviews and ratings about the banks and credit unions posted between February 2021 and March 2024. Both the survey responses and the online research were incorporated into the analysis and scoring process, and the financial institutions with the highest scores landed on the lists. (Larger banks and credit unions with branches in 15 or more states were excluded.)
In total, 185 banks and 207 credit unions were ranked in one or more states.
The rankings, according to Forbes, show that the best financial institutions have learned how to build a loyal customer base despite being smaller and having fewer resources than their larger counterparts with branches spanning the country, and often the world.