First Federal Bank named ‘Best Small Bank in Florida’ by Newsweek


BONIFAY – First Federal Bank was recently named on Newsweek’s America’s Best Banks 2021 as the Best Small Bank in Florida. Now, the plaque awarded in association with that honor is making its rounds with First Federal Bank’s local branches taking turns showcasing it.

The Bonifay branch recently rolled out the “red carpet” for its turn, giving the plaque a place of honor to share with their customers.

This distinction is the result of Newsweek’s assessment of 2,500 FDIC-insured banks, measuring 55 different factors ranging from banking accounts and customer service, to financial reports from the FDIC. 

Because of the impact COVID has had on the way customers bank, Newsweek decided it was important to evaluate and publish a list to help people make good, local banking choices.

They said, “From a universe of more than 2,500 FDIC-insured institutions, we assessed U.S. banks and the savings and checking accounts they offer based on 55 separate factors to come up with a best-in-class option in 19 categories — including the best big and small bank in every state, because banking in many ways remains a local endeavor.”

First Federal Bank representatives say the recognition is the result of each interaction their staff have with customers.

“We are honored by this recognition, which emphasizes First Federal’s commitment to being a financially sound, community bank,” says FFB President and CEO John Medina. “Because we are a mutual savings bank, Newsweek acknowledged our ability to be more responsive to local customer needs. This accolade demonstrates that even through challenging times we remain committed to our purpose of providing stability to our employees, customers, and communities.” 

Recognizing the pandemic has altered the way individuals function on a daily basis, including the way Americans bank, Newsweek compiled a list of the best-in-class banking institutions. Newsweek partnered with Lending Tree to rank 2,500 FDIC-insured financial institutions based on a wide variety of fees, interest rates, account terms and conditions, digital services, customer service features, and bank profile. 

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