5 area banks named to Forbes Best Banks in Each State 2020 list

By Emily Bader
New Jersey | Jul 10, 2020 at 4:02 am

Forbes released a study on the best banks in each state, and five banks based or have a major presence in New Jersey made it onto the list.

Forbes’ America’s Best Banks In Each State polled 25,000 private, U.S. citizens to determine the top-ranked banks in each state. Rankings were measured by customer experience, recommendations and overall satisfaction through five subdivisions: trust, terms and conditions, branch services, digital services and financial advice.

Republic Bank, based in Philadelphia but with branches in New Jersey, topped the state’s category. Kearny Bank, No. 3 overall, was the top-rated bank based in New Jersey.

“This is a wonderful result for Kearny Bank, and the best thing is that our placement was determined by favorable client input,” Craig Montanaro, CEO and president, Kearny Bank, said. “We’re deeply committed to client service – in fact, I believe it’s what sets us apart in a very competitive business environment. So, this result seems to indicate we’re doing multiple things well.”

The survey asked participants to list the banks where they have held a checking or savings account. From there, they were then asked to rank their selections. Of the 5,117 banks in the U.S., only 2.6% qualified for the list.

Here are the top banks in the New Jersey category:

  1. Republic Bank, Philadelphia (has branches in New Jersey);
  2. Fulton Bank, Lancaster, Pennsylania (has branches in state);
  3. Kearny Bank, Fairfield;
  4. Capital One, McLean, Virginia (has branches in state);
  5. Lakeland Bank, Newfoundland.
Emily Bader | ebader@roi-nj.com | @emilybader