You should definitely consider other institutions - depending on what your goals are.
For example, if you want to invest in target-date funds - I'd suggest opening the account at the firm that manages them (Vanguard comes to mind). If you want to have a self-directed IRA you should find an administrator that allows that for the lowest fees. If you want a trading account - go for the brokerage with the best trading system and/or lowest trading fees. Etc etc.
List your criteria, and then make a comparison chart and chose the one that comes out the best.
By the way, you can open more than one account and roll-over the amounts to several accounts.