Dec, 31, 2023 — PREFERRED CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND RAPIDS, MI with 6 branch locations and about $268.77 million in total assets. Opened 56 years ago in 1968, PREFERRED CREDIT UNION has about 24,411 members and employs 75 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | PREFERRED CREDIT UNION |
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Address: (Main Office) | 3767 Sparks Dr SE GRAND RAPIDS, MI 49546 |
Phone: | (800) 328-4131 |
Fax: | (616) 942-2302 |
Website: | https://www.preferredcu.org |
Branches: | 6 branch locations |
Members: | 24,411 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62340 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1968 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $268,767,236 |
CEO/Manager: | John D Yeomans |
Chairperson: | Russell Herman |
ASSETS: | $ Amount |
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Cash & Equivalents | 23,395,766 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 36,758,538 |
Unsecured Loans | 21,065,766 |
Other Loans | 91,133,995 |
TOTAL LOANS | 148,958,299 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,491,515 |
Land And Building | 2,047,754 |
Other Fixed Assets | 282,765 |
NCUSIF Deposit | 2,267,943 |
All Other Assets | 0 |
TOTAL ASSETS | 268,767,236 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 103,538 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 5,921,974 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 40,116,972 |
Regular shares | 75,445,311 |
All Other Shares & Deposits | 117,160,555 |
TOTAL SHARES & DEPOSITS | 232,722,838 |
TOTAL LIABILITIES | 238,748,350 |
Regular Reserve | 0 |
Other Reserves | -2,696,949 |
Undivided Earnings | 32,715,835 |
TOTAL EQUITY | 30,018,886 |
TOTAL LIABILITIES, SHARES, & EQUITY | 268,767,236 |
INCOME & EXPENSE | |
Loan Income | 7,950,353 |
Investment Income | 3,040,462 |
Other Income | 2,674,591 |
Total Employee Compensation & Benefits | 5,482,666 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 5,331,964 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 449,484 |
Cost of Funds | 1,706,983 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,784,147 |
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