Lafayette Federal Credit Union named to America’s Best Banks List 2023 by Newsweek

ROCKVILLE, MD (November 21, 2022) — Lafayette Federal Credit Union has been named to America’s Best Banks List 2023 by Newsweek, a second-year recognition for the $1.6 billion credit union headquartered in Rockville, MD. The publication honors the nation’s leading banks and credit unions that provide the best overall value to members.

“To help you find the financial institution that best serves your needs — one that combines high rates, low fees and the services and rewards that suit your lifestyle, Newsweek has once again partnered with LendingTree for our annual Best Banks rankings,” said Kerri Ann Renzulli, a Senior Reporter for Newsweek. “We evaluated thousands of FDIC-insured banks and credit unions based on more than 50 different factors to land on best-in-class options in 26 different categories. One of our winners is sure to be right for you.”

Individual Best Bank winners were selected from a pool of 4,927 financial institutions, which included 127 credit unions that are open to anyone to join. Recognition criteria included the following: current interest rate, average interest rate over the previous year, minimum deposit needed to open an account, insufficient funds fees, overdraft protection, branch presence, and for CDs, the number of days of interest lost upon making an early withdrawal.

“To be acknowledged by Newsweek for two consecutive years is yet another proud moment for our team,” says B. John Farmakides, President and CEO of the Lafayette FCU. “To earn back-to-back recognitions is a tribute to the extraordinary successes of our growing credit union. Over the past several years, our hard work has led us to be recognized not only as one of Newsweek Best Banks (2022-2023), but also by the S&P Global Market Intelligence Report (2021-2022) and Bauer Financial 5-star ranking (2022). We are evermore grateful to our employees who have shown remarkable dedication to our organization, and to our members who have entrusted us with their business for over 85 years.”

About Lafayette Federal Credit Union

Lafayette Federal Credit Union is a premier financial institution in the Washington, D.C. metropolitan area. Since 1935, Lafayette Federal has sought to provide members with a safe and convenient place to save, and to offer deposit and loan accounts at rates and terms more favorable than those of other financial institutions. With assets over $1.6 billion and over 55,000 members worldwide, Lafayette Federal operates eight full-service branch offices in the District of Columbia, Maryland, and Virginia and offers global access via the shared branch/ATM network and 24/7 electronic services. The organization was recognized by the S&P Global Market Intelligence Report as one of the top 100 credit unions nationwide (2020-2021), by Newsweek as one of America's best banks (2022), and received a 5-star ranking from Bauer Financial (2022). To learn more about Lafayette Federal Credit Union, call (301) 929-7990 or visit


Gladys Magsino
SVP Administration

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