From staff reports
TRAVERSE CITY — Northwestern Bank named Daniel W. Terpsma its new president and CEO.
Terpsma replaces bank president Harry C. "Scrub" Calcutt, who announced his retirement in January.
A Northwestern Bank press release stated Terpsma has spent over 30 years in the financial services sector in Michigan, including more than 20 years in community banking.
Terpsma also was appointed to the bank's board of directors.
Terpsma has held a number of senior management positions with other financial institutions, including regional bank president, the bank's press release stated. He has a home in Grand Traverse County.
Since August, Northwestern Bank has operated under a consent agreement with the Federal Deposit Insurance Corporation and Michigan's Office of Financial and Insurance Regulation, oversight related to failed loans.
Bank officials said Calcutt's retirement is unrelated to the consent agreement. Calcutt turned 65 last month.