Frankenmuth MI – A survey sent out by Forbes and marketing research firm Statista to nearly 25,000 people in the U.S. asking about their banking relationships found that Frankenmuth Credit Union had the top overall score in 2020.
Consumers were asked 20 questions about their financial dealings and rated their overall recommendations and satisfaction, as well as five subdimensions (trust, terms and conditions, branch services, digital services, and financial advice).
“I am thrilled to hear Frankenmuth Credit Union received the distinguished Forbes 2020 honor of Best Credit Union in the state of Michigan. It’s a badge we will wear proudly,” said Vickie Schmitzer, Frankenmuth Credit Union CEO.
Only 3.5% of all credit unions nationally made the list and Frankenmuth Credit Union came in with the top overall score (96.2).
Vickie acknowledged that the recognition from Forbes is extra special to her considering financial institutions were deemed an essential service and placed on the front line after Michigan Governor Gretchen Whitmer implemented the “Stay Home, Stay Safe” order.
The novel coronavirus created a challenge for Frankenmuth Credit Union’s staff who needed to stay safe and serve their members at the same time. With in-person contact limited, Frankenmuth Credit Union saw a 200% spike in online chats, a 184% surge in website traffic, and a 62% swell in calls.
“We immediately had to re-assign our staff who were either working in the office or working from home to help the support center manage the influx of requests coming in from our members.”
Those requests increased when Frankenmuth Credit Union offered skip-a-pays, low-interest loans, and balance transfers. When the Paycheck Protection Program (PPP) became available the business department processed over 470 loans totaling $31,000,000.
Vickie credits her staff for all of their hard work and flexibility during the pandemic that led to the prestigious recognition from Forbes.
“Together, we learned to become patient with the exhausted staff member who juggled working nine to five and teaching their children six to ten.”
Frankenmuth Credit Union is based in Frankenmuth, Michigan and headed by Vickie Schmitzer, a 40-year veteran of the credit union who’s been CEO since 2000, the lender was founded in 1964 by employees of the Carling Brewery of Frankenmuth. When the credit union opened its doors, its members were exclusively brewers and millers from Carling Brewery, Zeilinger Beverage, Geyer’s Brewery and Star of the West Milling. Now with nearly 52,000 members in 22 communities, the credit union has nearly $855 million in assets and $621.2 million in loans.”