Sep, 30, 2025 — PREFERRED CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND RAPIDS, MI with 6 branch locations and about $304.88 million in total assets. Opened 58 years ago in 1968, PREFERRED CREDIT UNION has about 23,620 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 |
|---|---|
| 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: | 23,620 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62340 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1968 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $304,880,810 |
| CEO/Manager: | John D Yeomans |
| Chairperson: | Russell Herman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 31,622,861 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 48,543,735 |
| Unsecured Loans | 21,577,464 |
| Other Loans | 91,564,586 |
| TOTAL LOANS | 161,685,784 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,362,875 |
| Land And Building | 1,860,373 |
| Other Fixed Assets | 447,150 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,437,009 |
| All Other Assets | 0 |
| TOTAL ASSETS | 304,880,810 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 140,749 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 4,488,840 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 42,136,328 |
| Regular shares | 78,321,015 |
| All Other Shares & Deposits | 140,187,467 |
| TOTAL SHARES & DEPOSITS | 260,644,811 |
| TOTAL LIABILITIES | 265,274,400 |
| Regular Reserve | 0 |
| Other Reserves | 1,489,590 |
| Undivided Earnings | 38,116,820 |
| TOTAL EQUITY | 39,606,410 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 304,880,810 |
| INCOME & EXPENSE | |
| Loan Income | 8,038,482 |
| Investment Income | 3,283,969 |
| Other Income | 2,130,034 |
| Total Employee Compensation & Benefits | 4,769,323 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 4,478,388 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 427,014 |
| Cost of Funds | 2,744,118 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,603,764 |
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