Forbes selects Redstone No. 1 credit union in Alabama

HUNTSVILLE — Redstone Federal Credit Union has been named the best credit union in Alabama by Forbes.

For the fourth year in a row, Forbes recognized Redstone as a top credit union in the state after reviewing member surveys and overall standings.

Forbes partnered with market research firm Statista to produce the annual ranking of the Best Credit Unions in Each State for 2022. Banks and Credit Unions were scored in sub-categories including trust, member and branch services, digital services, financial advice, and terms and conditions.

Only 2.7% of all banks and 3.4% of all credit unions made its list, according to an announcement from Forbes. More than 100 credit unions are headquartered in Alabama, with only three being recognized.

Meeting members’ needs is why Redstone was formed more than 70 years ago, said President and CEO Joe Newberry.

“Over the past 70 years, Redstone has remained steadfast in its commitment to help members improve their financial well-being and will continue to do so, despite the economic challenges,’’ Newberry said.

Forbes Deputy Editor John Dobosz wrote that maintaining customer relationships will become even more important during these challenging economic times.

“The firms with the highest levels of customer satisfaction will enjoy a long-term competitive advantage,’’ he said.

With more than $8 billion in assets, Redstone Federal Credit Union is the largest member-owned financial institution in Alabama and one of the largest federal credit unions in the nation by assets. Chartered in 1951, Redstone Federal Credit Union serves more than 650,000 members.