A well-known bank around northwest Michigan is being bought out.
In a press release, yesterday, Chemical Bank announced they will be buying Northwestern Bank for $120 million. According to the press release, the partnership is expected to increase Chemical Bank's deposit base to $760 million making it the eighth largest institution in Michigan. Northwestern Bank currently has 25 branches across 11 counties, including one in Downtown Ludington and Manistee. The companies expect the merger to be complete by summertime. By then, all Northwest Banks will be known as Chemical Bank.