Preferred Credit Union (MI)


Overview / Commentary
616-942-9630
3767 Sparks Dr SE
Grand Rapids, MI 49546

Preferred Credit Union (MI) is headquartered in Grand Rapids and is the 62nd largest credit union in the state of Michigan. It is also the 1,075th largest credit union in the nation. It was established in 1968 and as of September of 2022, it had grown to 73 employees and 24,444 members at 6 locations. Preferred Credit Union (MI) has an A health rating.

Field of Membership Restrictions

Preferred Credit Union is open to those who live, work, attend school or worship in Barry, Allegan, Branch, Berrien, Cass, Calhoun, Clinton, Clare, Gratiot, Eaton, Ionia, Kalamazoo, Isabella, Lake, Kent, Manistee, Mecosta, Mason, Missaukee, Muskegon, Montcalm, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren and Wexford Counties in Michigan.
See current membership details

Reviews (1)

Great customer service

My experience with this bank has been good for the most part. I had issues with payments in the past, and customer service has always been helpful and professional. Even with a mistake on my end, they are willing to go out of the way to help fix the issue. My only complaint is that their fees are a bit too high. They seem to go overboard with the fees over small things. While I understand they do this to make money and prevent errors, it feels too punishing then what it is worth. I also had a problem on enabling my account to be used with other branches. So I had to go through some loopholes on that as well. Even though I requested for it to be enabled when I first created my account.



Health

Health Grade Components

Overall
NCUA #62340
Year Chartered1968
Employees73
Primary Regulator
Profit Margin
Return on Assets - YTD1.01%
Return on Equity - YTD11.39%
Annual Interest Income$6.2MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$263.1MM$249.8MM
LoansQ3 2022vs Q3 2021$143.0MM$126.8MM
DepositsQ3 2022vs Q3 2021$234.2MM$214.7MM
Equity CapitalQ3 2022vs Q3 2021$23.4MM$31.4MM
Loan Loss AllowanceQ3 2022vs Q3 2021$1.5MM$1.4MM
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$381.00K$218.00K
Real Estate OwnedQ3 2022vs Q3 2021$0$0
Rates

Rates for Preferred Credit Union (MI) are currently being reviewed.

Locations


Preferred Credit Union (MI) Locations
Branch Office7473 Storey RdBelding, MI 48809-9360
Branch Office534 N Lafayette StGreenville, MI 48838-1167
Branch Office329 N Michigan AveHastings, MI 49058
Branch Office4245 S Westnedge AveKalamazoo, MI 49008-3207
Branch Office266 N Jebavy DrLudington, MI 49431
Branch Office3767 Sparks Dr SEGrand Rapids, MI 49546

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