2024-04-23T14:06:44-07:00 2023-12-31 650152722 FINANCIAL STANDARDS GROUP INC 6447 W HIGHWAY 146 CRESTWOOD KY 40014 990 2023-01-01 381878763 Preferred Credit Union PREF 6169429630 3767 SPARKS DRIVE SE GRAND RAPIDS MI 49546 JOHN YEOMANS CEO 2024-04-23 true JOHN YEOMANS 999009999 true Donald E Lingerfelt P00339004 8005225820 0 AAL1 IAL1 FAL1 2023 2023-04-26 12:10:37Z JOHN YEOMANS 3767 SPARKS DRIVE SE GRAND RAPIDS MI 49546 15755243 false X https://preferredcu.org/ X 1968 MI PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS. 10 10 91 10 37866 2219 0 11411885 12714781 1993833 3040462 0 13405718 15755243 0 0 5050615 5482666 0 0 5574581 7488430 10625196 12971096 2780522 2784147 259754679 268549688 235216574 238530802 24538105 30018886 PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS. false false THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2023 WAS 24,411 THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2023 WAS 15,991 false false false false false false false false false true false false false true false false false false false false false false false false false false false false true false false false false false false false false false false false false false false true 5395 0 true 91 true true true false false false false false false false X 10 10 false false true false true true true true true false true true false true true true true true true true false X Bev Vander Well 6169429630 3767 SPARKS DRIVE SE GRAND RAPIDS MI 49546 JOHN YEOMANS CEO 40.00 0.00 X 295960 0 31164 BEV VANDER WELL CFO 40.00 0.00 X 138926 0 19397 CYNTHIA MCCOMBS Vice President 40.00 0.00 X 133375 0 16113 CHRISTINE PRATT Vice President 40.00 0.00 X 114431 0 31591 DOROTHY MILLER Vice President 40.00 0.00 X 113748 0 16577 RUSSELL HERMAN Chairman 0.00 0.00 X 0 0 0 YVONNE ALLES Director 0.00 0.00 X 0 0 0 GAYLEN DEMAREST Treasurer 0.00 0.00 X 0 0 0 FREDERICK BARTLING Secretary 0.00 0.00 X 0 0 0 THOMAS POWERS Director 0.00 0.00 X 0 0 0 VICKI BROWN Director 0.00 0.00 X 0 0 0 FRED GRADISHER Director 0.00 0.00 X 0 0 0 796440 114842 5 false true false Co-op Financial Services 9692 Haven Ave Rancho Cucamonga CA 91730 CARD SERVICES 992622 CUANSWERS 6000 28TH ST SE GRAND RAPIDS MI 49546 DATA PROCESSING 445608 BLUE CARE NETWORK PO BOX 33608 DETROIT MI 482325608 HEALTH INSURANCE 403858 Haberfeld Accelerating Growth 206 S 13TH ST SUITE 1500 LINCOLN NE 68508 CONSULTING & ADVERTISING 261785 RedRock Information Security 1101 40th St SE GRAND RAPIDS MI 49508 IT SERVICES 231292 8 0 FEES AND CHARGES 522100 2567228 2567228 INSURANCE REVENUE 524298 119074 103915 15159 INTERCHANGE INCOME 522100 2055419 2055419 INTEREST ON LOANS 522100 7950353 7950353 NON-MEMBER ATM FEES 525990 22707 22707 12714781 3040462 3040462 0 0 0 0 0 0 0 0 15755243 15717377 37866 0 0 0 0 911282 0 3316567 439397 497232 318188 0 0 0 0 0 0 0 510486 2042201 569771 0 427022 22332 0 137301 1706984 24021 193909 78738 LOAN SERVICING EXPENSE 998245 PROVISION FOR CREDIT LOSS 449484 PRO SERVICES 227183 MISC 85712 15041 12971096 0 0 0 2918692 2885753 23435532 24743601 0 0 0 0 142896814 147249236 0 358472 421955 5421502 3090984 2316061 2330518 75637947 76061304 9195784 11760315 0 0 2995377 3097006 259754679 268549688 5535476 6025512 229681098 232505290 235216574 238530802 X 24538105 30018886 24538105 30018886 259754679 268549688 2784147 2696634 X false true X true false 413467 413467 1786056 1189256 596800 2034351 996865 1037486 1187628 904863 282765 2330518 SHARES 232505290 232505290 false false false BEV VANDER WELL CFO 114904 22540 1482 11215 8182 158323 JOHN YEOMANS CEO 253583 37500 4877 22982 8182 327124 Form 990, Part VI, Section A, Line 4 The number of directors was changed from 7 to 10, this required a bylaw change. Form 990, Part VI, Section A, Line 6 SECTION 501C(14) CREDIT UNION IS COMPOSED OF MEMBERS Form 990, Part VI, Section A, Line 7a MEMBERS VOTE ON BYLAW AND CHARTER CHANGES. MEMBERS VOTE AND ELECT BOARD MEMBERS AT ANNUAL MEETING Form 990, Part VI, Section A, Line 7b MERGERS ARE VOTED ON BY ENTIRE MEMBERSHIP. Form 990, Part VI, Section B, Line 11b MANAGEMENT REVIEWS TAX RETURNS AND FORWARDS US FORM 8879-TE TO TAX PREPARER. BOARD REVIEWS FILED TAX RETURNS AT NEXT SCHEDULED MEETING. Form 990, Part VI, Section B, Line 12c EMPLOYEE LOANS ARE MANAGEMENT APPROVED. MANAGEMENT LOANS ARE BOARD APPROVED. LOANS TO BOARD MEMBERS ARE APPROVED BY THE BOARD MINUS THE LENDEE. Form 990, Part VI, Section B, Line 15a A survey of industry standards is done of comparable sized CU's. Individual level of experience is also a consideration. BOARD OF DIRECTORS ARE NOT COMPENSATED Form 990, Part VI, Section B, Line 15b A survey of industry standards is done of comparable sized CU's. Individual level of experience is also a consideration. Form 990, Part VI, Section C, Line 19 CREDIT UNION BYLAWS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AT THE CREDIT UNION'S MAIN OFFICE. QUARTERLY FINANCIAL STATEMENTS ARE DISPLAYED IN THE LOBBY WHICH IS ACCESSIBLE TO THE GENERAL PUBLIC. QUARTERLY FINANCIAL PERFORMANCE (CALL) REPORTS ARE ALSO AVAILABLE AT WWW.NCUA.GOV FOR ALL FEDERALLY INSURED CREDIT UNIONS.