Bank Executives Accused Of Hiding Loan Default Information - Northern Michigan's News Leader

Bank Executives Accused Of Hiding Loan Default Information

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Several former Northwestern Bank Executives face charges for trying to hide loan default information.

Harry Calcutt III, William Green and Richard Jackson are all accused of what the FDIC calls unsound banking practices.

Calcutt was the bank's president and CEO, Green was a loan officer, and Jackson was the bank's executive vice president.

The FDIC says between 2009 and 2011, the former executives tried to hide loan defaults by the bank's largest borrower. To date, $27 million remains uncollected.

The lawsuit says Calcutt benefited from the dishonesty, and seeks to ban all three from future banking practices.