Preferred Credit Union

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A short history of Preferred CU

Since its inception in 1968 the Preferred Credit Union has been serving its members in the Grand Rapids, Michigan area with exceptional financial products. You can find their current interest rates on used car loans, new car loans, 1st mortgage loans and interest rates on both fixed and adjustable mortgages here on these pages. Currently led by John Yeomans, the Preferred CU has grown its membership to over 24,521 with assets of more than $170,396,213. They have a main office and 6 branch offices. Please see the credit unions website or contact them by phone at (800) 328-4131 or email them at to get exact details . There are many other credit unions in the local area. See them all here. Credit Unions in Grand Rapids, MI.

General Information For Preferred CU was taken from their 6/30/2017 quarterly report, which is the most current available public information.

Charter Number 62340
Address PO Box 120010 
City Grand Rapids 
State Michigan 
Zip-Code 49528
Phone Number (800) 328-4131
Fax Number (616) 942-2302
Email Address:
CEO/President John Yeomans
Members 24,521 
Full-Time Employees 70 
Part-Time Employees
Number of Branch Offices
Total Assets 170,396,213 

Compare Preferred Credit Union To Other Local Credit Unions

Credit Union Name
Branch Name
Zip Code
Phone Number
ATM Access
Distance (Miles)
Western Districts Members CU Western Districts Members CU 600 Plymouth Ave NE 49505 (616) 459-0716 No 0.49
Gr Consumers CU GRCCU Main Office 3975 Clay Ave SW 49548 (616) 538-2810 No 0.65
Atl CU ATL Federal Credit Union 841 36th St SW 49509 (616) 257-4285 No 0.85
Adventure CU Alpine 3286 Alpine Ave NW 49544 (616) 243-0125 No 1.06
Kenowa Community CU Kenowa Community Federal CU 1905 28th Street St SW 49519 (616) 534-3307 No 2.01

Preferred Credit Union Financial Performance Charts

Performance Charts

Website Image

Financial Data

Preferred Credit Union Lowest Loan Rates With State and USA Rankings

Unsecured Credit Card New Car Loans Used Car Loans 1st Mortgage Loans Other Real Estate
Rate 7.99 2.54 6.00 3.40 7.00
Mean Rate For All USA Based Credit Unions 10.56 3.72 5.00 4.48 4.95
Rank Among All USA Credit Unions 90 88 443 61 431
Rank Among All Michigan Credit Unions 12 20 106 6 84

Preferred Credit Union Highest Deposit Rates With State and USA Rankings

Checking Regular Savings Money Market Certificates of Deposits IRA/KEOGH
Rate N/A 0.15 0.32 0.60 0.80
Mean Rate For All USA Based Credit Unions 0.19 0.26 0.29 0.73 0.66
Rank Among All USA Credit Unions N/A 119 94 240 184
Rank Among All Michigan Credit Unions N/A 14 15 56 36
Preferred Credit Union Loans and Leases

Interest Rate Number of Loans Amount
Unsecured Credit Card Loans 7.9905,2279,566,612
All Other Unsecured Loans/Lines of Credit 11.2503,9875,424,283
Short-Term, Small Amount Loans (STS) (Federal CU Only) 0.00000
Non-Federally Guaranteed Student Loans 0.00000
New Vehicle Loans 2.5402273,665,633
Used Vehicle Loans 6.0005,87255,910,657
Total 1st Mortgage Real Estate Loans/Lines of Credit 3.40030414,120,493
Total Other Real Estate Loans/Lines of Credit 7.0001954,147,100
Leases Receivable 0.00000
Total All Other Loans/Lines of Credit 5.0008518,613,379
TOTAL LOANS & LEASES 16,663101,448,157

Preferred Credit Union Real Estate Loans and Lines of Credit


No. of Loans Outstanding Amt of Loans Outstanding No. of Loans Granted Year- to-Date Amount Granted Year-To-Date
Fixed Rate
    a. > 15 years 331,769,11500
    b. 15 Years or less 23610,547,038261,509,160
    a. > 15 years 0000
    b. 15 Years or less 131,463,854144,320
Other Fixed Rate 0000
Adjustable Rate 1 yr or less 21294,041453,297
Adjustable Rate > 1 yr 146,44500


Closed-End Fixed Rate 631,368,1234117,000
Closed-End Adjustable Rate 851,643,05300
Open-End Adjustable Rate 471,135,9242156,285
Open-End Fixed Rate 0000
TOTALS 49918,267,593371,880,062


Interest Only & Payment Option 1st Mortgage Loans 000
Interest Only & Payment Option Other RE/LOC Loans 471,135,924156,285
    a. Federally Insured Home Equity Conversion Mortgage (HECM) 0000
    b. Proprietary Reverse Mortgage Products 0000

Preferred Credit Union Member Offerings
First Time Homebuyer Program No
Real Estate Loans Yes
Pay Day Lending No
Share Secured Credit Cards Yes
Overdraft Protection/Courtesy Pay Yes
Overdraft Lines of Credit Yes
ATM/Debit Card Program Yes
Interest Only and Payment Option 1st Mortgage Loans No
Check Cashing No
Money Orders Yes
No Surcharge ATMs No
Home Banking Via Internet Website Yes