Northwestern Bank | |
Industry: | Banking |
Fate: | Acquired by Chemical Financial Corporation |
Location: | Traverse City, Michigan |
Key People: | Daniel W. Terpsma, CEO |
Northwestern Bank was a community bank based in Traverse City, Michigan that served northern Michigan. In 2014, it was acquired by Chemical Financial Corporation.
The bank was established in 1955.[1]
In September 2012, the bank entered into a consent order with the Federal Deposit Insurance Corporation (FDIC) to address concerns about oversight and lending controls.[2]
In January 2013, Harry “Scrub” Calcutt, the chief executive officer of the bank, retired.[3] He was replaced by Daniel W. Terpsma.[4]
In August 2013, the FDIC banned Calcutt from the banking industry after he allegedly hid loan defaults.[5] [6]
On October 31, 2014, the bank was acquired by Chemical Financial Corporation for $121 million in cash.[7]