Northwestern Bank Looks to Recoup $30 Million in Bad Loans - Northern Michigan's News Leader

Northwestern Bank Looks to Recoup $30 Million in Bad Loans

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Northwestern Bank is suing a group of companies to recoup some $30 million in bad loans.

The bank filed suit against a dozen limited liability companies in 2011 that were involved with Generations Management LLC and Generations Realty.

The bad debt accounts for most of Northwestern's $50 million in loans where principal and interest payments haven't been made in 90 days.

The bad loans have led to downgrades in the bank's rating despite overall profitability.