TRAVERSE CITY - Northwestern Bank will be purchased by Midland-based Chemical Bank for $120 million cash, the financial institutions said.
Traverse City-based Northwestern has 25 branch offices throughout northern Michigan and employs at least 360 people. Northwestern spokesman Doug Zernow said it will “be business as usual” in the near-term as the purchase transaction proceeds.
“We are still taking care of our customers,” Zernow said. “The announcement was only made this morning. There will be a meeting between Northwestern Bank employees with Chemical (bank officials) and a lot of questions will be answered then.”
Northwestern Bancorp, Inc. had $845 million in total assets, $502 million in total loans, $758 million in total deposits and $975 million in assets under management as of December 2013. The bank entered a consent agreement with federal regulators because of failures in some of Northwestern’s commercial loans in 2012.