Five banks operating in New Jersey appeared on Forbes’ recently released America’s Best Banks in Each State 2019 List, but only two have headquarters in the state.
Rankings for this second iteration of the list were produced by Forbes in partnership with Statista. More than 25,000 customers were surveyed for the study which lists financial institutions based on general satisfaction, in addition to trust, terms and conditions, branch services, digital services and financial advice.
“To be recognized as a Best-In-State Bank is truly an honor and, based on the criteria to receive this award, it is a testament to the bank’s 50-year philosophy to conduct business openly and honestly with our customers,” said Lakeland Bancorp President and Chief Executive Officer Thomas Shara, in a statement. “We have continuously worked hard to establish and maintain our reputation in the communities we serve and I believe this has provided a solid foundation for the bank’s longevity as an institution that exhibits the utmost standards of respect, responsibility and integrity.”
Forbes’ companion list – America’s Best Credit Unions in Each State 2019 List – ranked just one entity for the Garden State: the Credit Union of New Jersey, based in Ewing.
Overall, Forbes said the results of both lists show Americans are generally pretty satisfied with their financial institutions. On a scale of one to five banks averaged 4.2, behind the leading 4.5 average for credit unions.
National financial institutions with branch locations in at least 15 states were not included in final rankings. Based on this criteria 13 banks and just one credit union were eliminated from final rankings, Forbes said.
Republic Bank and Beneficial Bank are both headquartered in Philadelphia; Santander has headquarters in Boston.