Forbes Awards Westerra Best-In-State Designation
Forbes has published its annual rankings of the Best-In-State Banks and Credit Unions in the United States, naming Westerra among the top five credit unions in Colorado based upon trust, terms and conditions, branch services, digital services and financial advice.
Forbes noted that during the global pandemic, banks and credit unions are helping customers with relief efforts and low-cost lending options—and that small and midsized financial institutions were some of the most active participants in the Small Business Administration’s Paycheck Protection Program helping small businesses nationwide retain staff and survive beyond the pandemic.
To understand whose customers have the highest opinion of them, Forbes partnered with market research firm Statista for their annual look at the banks and credit unions in each state. Nearly 25,000 customers in the U.S. were surveyed for their opinions on their current and former banking relationships. Overall scores ranged from 74.8 to 95.6. Only 2.6% of all banks and 3.5% of all credit unions made the Best-In-State list. Forbes noted that the credit union nonprofit model puts customers first, resulting in higher levels of satisfaction.
Denver-based Westerra Credit Union was recognized among Colorado’s top five with Ent Credit Union (Colorado Springs), Premier Members Credit Union (Boulder), Security Service Federal Credit Union (San Antonio, Texas) and Canvas Credit Union (Lone Tree). Three Colorado banks made the Best-In-State list: Alpine Bank (Glenwood Springs), First National Bank of Omaha (Omaha, Nebraska) and Bank of Colorado (Fort Collins).
“We appreciate Colorado consumers ranking us so highly, and are humbled to be in the same conversation with these other financial institutions,” said Westerra President/CEO Jay Champion. “We’re in the process of completely revamping from top to bottom,” he explained, “so we appreciate that the many changes we are making are resonating in the community.”
“When COVID-19 reached Colorado,” Champion said, “we quickly implemented relief loans, skip payment options and waived fees for consumers and businesses, including offering the Paycheck Protection Program through the US Small Business Administration to help get relief for small businesses and their employees. We understand the critical need to be here through the impacts of COVID-19, and for the future.”
“We are also extremely proud of our Westerra team of employees who are trusted advisors to so many individuals and families in our community,” he added. “Our credit union was started by teachers 85 years ago—and today we carry their educational mission forward through in-person and virtual consultations, financial checkups, online resources, and open forum discussions on topics ranging from helping kids learn good financial habits, to buying a first home, to starting a business, to retirement planning, and everything in between.”
Westerra is playing the long game, Champion explained. We’re well-capitalized with an opportunistic vision of how to help our community and families now—while also being future-focused for our longevity built on a solid foundation of competitive pricing, innovative loan programs, and new loan processing technologies. We look forward to the Forbes survey again next year, as we continue to gauge our progress.
Read the Forbes article.
Read the Denver Business Journal article featuring Westerra's recognition by Forbes.