Northwestern Bank
Northwestern Bank was a community bank based in Traverse City, Michigan that served northern Michigan. In 2014, it was acquired by Chemical Financial Corporation.
| Industry | Banking |
|---|---|
| Founded | 1955 |
| Defunct | 2014 |
| Fate | Acquired by Chemical Financial Corporation |
| Headquarters | Traverse City, Michigan |
Key people | Daniel W. Terpsma, CEO |
History
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]
References
- "Institution History for GARFIELD AVENUE OFFICE (621375)". Federal Financial Institutions Examination Council.
- Bentley, Ryan (September 28, 2012). "Area bank agrees to address regulators' concerns". Petoskey News-Review.
- McGillivary, Brian (January 2, 2013). "Calcutt to step down from Northwestern Bank". Traverse City Record-Eagle.
- "Northwestern Bank has new president". Petoskey News-Review. February 6, 2013.
- "NOTICE OF INTENTION TO REMOVE FROM OFFICE AND PROHIBIT FROM FURTHER PARTICIPATION, NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTIES, FINDINGS OF FACT, CONCLUSIONS OF LAW, ORDER TO PAY, AND NOTICE OF HEARING" (PDF). Federal Deposit Insurance Corporation. August 20, 2013.
- "Bank Executives Accused Of Hiding Loan Default Information". WWTV. September 30, 2013.
- "Chemical Financial Corporation Completes Acquisition of Northwestern Bancorp, Inc" (Press release). GlobeNewswire. October 31, 2014.
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