Forbes has listed Red River Bank, Gulf Coast Bank & Trust Company, Capital One Financial, MidSouth Bank, and Iberiabank as Louisiana’s top five financial institutions in its latest Best Banks report.
The 5,400 banks in the U.S. are in fierce competition to keep their current customers satisfied and to attract new deposits. Local banks need to demonstrate their advantages in regards to customer service, accessibility and financial advice to compete with better interest rates online banks can offer on savings.
Forbes partnered with market research firm Statista to produce its report, based on which bank’s customers gave the highest grades. More than 25,000 customers in the U.S. were surveyed for their opinions on their current and former banking relationships.
Financial institutions were scored on overall recommendations and satisfaction, as well as five subdimensions: trust, terms and conditions, branch services, digital services and financial advice.
Louisiana’s top bank was Red River Bank, founded in 1999. Red River has about 300 employees and earlier this year announced plans to go public. MidSouth Bank, which has 42 branches, announced in late April it had entered into an agreement to merge with Hancock Whitney in a stock-for-stock transaction. The deal, expected to close late in the third quarter, is effectively an acquisition of the smaller, Lafayette-based MidSouth by the larger Hancock Whitney. Read a Business Report feature on Louisiana’s banks and recent consolidations. See the full Forbes Best Banks report.