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 |
|---|---|
| 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 |
|---|---|
| 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 |
|---|---|
| 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 |
| ↑ Back to Top | |