Securityplus Federal Credit Union Named TOP Credit Union in Maryland, Earning Coveted Spot on Newsweeks' List of America's Best Regional Banks and Credit Unions

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Jan 05, 2024, 09:45 ET

BALTIMORE, Jan. 5, 2024 /PRNewswire/ -- Securityplus Federal Credit Union, a trusted financial institution serving the greater Baltimore community, announces its recognition by Newsweek as one of America's Best Regional Banks and Credit Unions for 2024, earning the #10 ranking overall and proudly standing as the #1 ranked credit union based in Maryland.

Securityplus Federal Credit Union Named TOP Credit Union in Maryland, Earning Coveted Spot on Newsweeks’ List of America’s Best Regional Banks and Credit Unions

This prestigious recognition reflects Securityplus' new vision for the future and unwavering commitment to meeting the evolving needs of its members and the many communities it serves. As a not-for-profit Minority Depository Institution serving Maryland communities for more than 85 years and members nationwide, the organization's strategic focus on growth and positive community impact through financial health advocacy, education, and inclusive access to affordable banking, borrowing, saving, investing, and protecting is at the core of its new vision for the future.

The organization set a new strategic course for its future with the naming of its new CEO, Tricia Szurgot, in early 2022. With a new leadership team and new strategy for the future, 2023 marked a year of exceptional performance and historic milestones for the reinvigorated Securityplus. Fostering financial success, maintaining a strong community focus, and aligning its strategy, business, and culture to the future as part of its first full year of its strategic transformation has resulted in this coveted honor.

The organization is taking bold steps to ensure the many benefits of Securityplus Federal Credit Union membership are available for future generations. Through steadfast focus on ensuring the safety and soundness of its business practices, innovating to meet the continuously evolving needs of members, and creating exceptional member experiences when, where, and how member need them, Securityplus is on a course for accelerated growth and positive impact. "Earning the top spot among credit unions in Maryland is an incredible honor for us and a source of pride for many employees, volunteers, and members throughout our rich 85+ year history that made this possible. It is a true testament to the trust that our members and communities place in us every day. Thanks to the hard work and dedication of our amazing team members and volunteers, who all share a passion and steadfast commitment to financial health and inclusive banking throughout the communities we serve, it's our privilege to receive this recognition and serve our membership. This recognition reaffirms the success of our vision for the future and serves as motivation for us to continue taking bold steps to push the boundaries of excellence and finding new and innovative ways to make a positive impact for our members and the many communities we serve," said Tricia Szurgot, Chief Executive Officer of Securityplus.

"We are incredibly grateful to our employees, members, communities, and partners, as well as to Newsweek, for acknowledging our efforts and recognizing the insurmountable value that credit unions and regional banks have on communities" added Szurgot.

NEWSWEEK

Newsweek and market data research firm Plant-A Insights Group released their ranking of America's Best Regional Banks and Credit Unions 2024 earlier this week, recognizing the top 250 Regional Banks and top 250 Credit Unions in the United States. "Regional banks and credit unions play a pivotal role in the financial fabric of communities nationwide. Unlike their larger counterparts, these institutions are deeply rooted in local economies, understanding the unique needs of the people they serve. In an era where digital advancements can overshadow personalized service, regional banks and credit unions stand out for their customer-centric financial services. These institutions prove that a community-centered approach can redefine the banking experience," stated Nancy Cooper, Global Editor in Chief for Newsweek.

The study analyzed all regional banks and credit unions in the United States, applying parameters that looked at profitability, bank creditworthiness, financial relevance, risk exposures to financial uncertainties, and overall health and stability of the financial institution. Additionally, press coverage of all institutions over the last two years was screened to identify potential customer risk or legal and reputational risks, eliminating institutions with negative findings from the rankings.

The in-depth analysis was followed by a large-scale independent customer survey, designed to review institutions through their customer journeys. Finally, reviews from social media, Apple App store and Google Play store were factored into the scoring model. Based on the analysis of 9,440 institutions, more than 35,000 customer interviews and more than 149 million online reviews, the best 500 regional institutions were awarded – 250 regional banks and 250 credit unions.

Regional banks and credit unions provide essential services to communities of all sizes, promoting competition and stability in the financial system, and supporting small businesses and community development, providing a valuable consumer alternative to large banks and help to keep interest rates and fees low. Collectively, regional banks and credit unions employed over 817,000 people in the United States in 2022, according to market research reports conducted by IBISWorld. Additionally, regional banks and credit unions are the primary sources of small business loans in the United States, making up 56% of all small business loans (according to a Fed Small Business Credit Survey). "For this reason, we're proud to share this ranking," added Cooper.

ABOUT SECURITYPLUS FEDERAL CREDIT UNION

Securityplus Federal Credit Union is a not-for-profit financial institution dedicated to serving the community and its members since 1935. With a focus on delivering exceptional service and value, Securityplus Federal Credit Union offers a wide range of financial products and services, striving to empower its members to achieve their financial goals. For more information about Securityplus Federal Credit Union and its services, please visit securityplusfcu.org.

SOURCE Securityplus Federal Credit Union