Hoosier banks among best in U.S.
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Three Indiana-based banks and one credit union are being recognized on Newsweek’s “2023 America’s Best Banks” rankings. The winners were split into “Best Big Banks” and “Best Small Banks” with each state having one representative on each list, but there are also overall winners in a variety of financial services.
Muncie-based First Merchants Bank was once again named as Indiana’s representative in the big bank category, while Warsaw-based Lake City Bank earned the honor of best small bank in Indiana.
Carmel-based Merchants Bank of Indiana was named among individual account categories on the national ranking for its “Money Marketing Savings Account” service.
While credit unions are not included in the “Best Banks” rankings, they were included for individual categories. South Bend-based Communitywide Federal Credit Union was named for its “Best Certificates of Deposits: Six Month.”
“It is humbling to receive acknowledgment for the alignment of our strategic initiatives, affirming our enhancement to the financial wellness of the diverse communities we serve,” said First Merchants Bank Chief Executive Officer Mark Hardwick.
First Merchants also topped the list in 2022. More than 2,500 financial institutions are assessed on more than 50 criteria including the overall health of the bank, customer service performance and features, digital and branch presence, account and loan options, interest rate offerings, and fees.
“This recognition shows that we are continuing to be proactively attentive to the needs of our customers and exceed their expectations,” said Mike Stewart, president of First Merchants.
The publication partnered with online marketplace LendingTree to determine the list. You can connect to the full list and methodology by clicking here.