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.
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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 Grade Components
| Overall | |
|---|---|
| NCUA # | 62340 |
| Year Chartered | 1968 |
| Employees | 73 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.01% |
| Return on Equity - YTD | 11.39% |
| Annual Interest Income | $6.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $263.1MM$249.8MM |
| Loans | Q3 2022vs Q3 2021 | $143.0MM$126.8MM |
| Deposits | Q3 2022vs Q3 2021 | $234.2MM$214.7MM |
| Equity Capital | Q3 2022vs Q3 2021 | $23.4MM$31.4MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $1.5MM$1.4MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $381.00K$218.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |