The
largest
bank
headquartered
in
Michigan
to
become
Detroit's
Hometown
Bank
Chemical
Bank
looks to
add 500
employees
at
Detroit
HQ, and
maintain
employees
in
Midland
and
other
legacy
markets
DETROIT
-
Detroit
will be
home to
Michigan's
largest
headquartered
bank, as
Chemical
Financial
Corporation
(NASDAQ:
CHFC),
the
holding
company
for
Chemical
Bank,
will
immediately
relocate
its
headquarters
to its
current
location
in
downtown
Detroit,
and
plans in
the
longer
term to
move
into the
heart of
the
Motor
City in
a new
20-story
building
that
will be
built at
the
corner
of
Woodward
Avenue
and
Elizabeth
Street.
News
of the
headquarters
move
coincides
with the
announcement
by the
City of
Detroit
that
after an
exhaustive
RFP and
review
process,
it has
named
Chemical
Bank its
new
primary
banking
partner
for
managing
the
City's
operating
deposit
accounts,
with
expected
balances
of up to
$500
million
in
deposits.
Chemical
Bank
will
provide
banking
services
including
a
comprehensive
suite of
payment
and
deposit
solutions,
including
lockbox
services.
"Chemical
Bank,
Michigan's
largest
headquartered
bank, is
excited
and
pleased
to be a
part of
the
dynamic
growth
and
success
of
Detroit,"
said
Gary
Torgow,
chairman
of
Chemical
Financial
Corporation,
a long
time
native
Detroiter.
"We are
honored
to be in
a
position
to bring
a bank
headquarters
back to
the city
of
Detroit
and
become
Detroit's
hometown
bank."
Detroit
Mayor
Mike
Duggan,
along
with
many
local
and
state
officials,
will
celebrate
the
headquarters
announcement
with an
event on
the
future
site of
the new
building
that
will
serve as
the
Chemical
Bank
headquarters.
Speakers
addressing
the
crowd of
industry
leaders,
business
executives,
Chemical
employees
and
Detroit
residents
include
Detroit
Mayor
Mike
Duggan,
Detroit
Council
President
Brenda
Jones,
Wayne
County
Executive
Warren
Evans,
and the
Rev.
Wendell
Anthony,
president
of the
Detroit
Branch
of the
NAACP.
"Chemical
Bank is
a great
banking
partner
for the
city's
finances
and a
great
community
partner,
now
headquartered
in the
City of
Detroit,"
said
Mayor
Mike
Duggan.
"I am
very
excited
to
welcome
Detroit's
new
hometown
bank."
Chemical
Bank,
which
has been
headquartered
in
Midland,
Michigan
since
its
founding
in 1917,
grew
significantly
when it
joined
forces
with
Talmer
Bank and
Trust, a
bank
founded
by two
Midwesterners
determined
to
continue
their
grandfather's
legacies
of
enriching
the
lives of
their
communities
by
building
a
different
kind of
bank.
That
merger
made
Chemical
Bank the
state's
largest
headquartered
bank
with
more
than $20
billion
in
assets,
approximately
3,300
employees,
and 212
banking
centers
across
Michigan,
Indiana,
and
Ohio.
"Detroit
is the
financial
hub for
advanced
manufacturing
and
mobility
as well
as a
growing
nexus
for
young
entrepreneurs
looking
to
leverage
the
city's
rich
history
of
innovation
and hard
work,
and
Chemical
Bank is
excited
to help
them
build
our
economy
and
invest
in
Michigan's
future,"
said
Thomas
Shafer,
president
and CEO
of
Chemical
Bank.
"With
our
legacy
markets
as our
foundation,
Chemical
Bank's
continued
expansion
into the
Detroit
market
establishes
us as a
leading
financial
institution
in the
Midwest."
Chemical
Bank
also
plans to
add over
500
employees
to the
city's
workforce
by
moving
its
headquarters
to
downtown
Detroit
once
construction
on its
new
building
is
complete.
In the
interim,
Chemical
Bank
will
expand
its
Detroit
offices
at 333
Fort
Street.
Chemical
Bank
also
plans to
retain
its
current
Midland,
Michigan
workforce
of over
500 and
its
presence
in that
community
as it
expands
into
Detroit.
Midland
will
continue
to be
the home
of its
corporate
operations
center.
Shafer
added,
"We are
excited
about
our
continued
strong
ties to
Midland
and
believe
our
operational
infrastructure
which is
based
there
will
continue
to
benefit
from our
increased
transaction
volumes
from our
growth
markets."
The
commitment
to
developing
a major
landmark
tower in
Detroit's
downtown
landscape
and
bolstering
its
workforce
is the
bank's
second
major
investment
in
Detroit
in the
past
four
years.
Prior to
Chemical
merging
with
Talmer
Bancorp,
Inc.,
holding
company
for
Talmer
Bank and
Trust,
Talmer
Bank and
Mayor
Duggan
partnered
in 2014
to adopt
the
Marygrove
neighborhood
to help
stabilize
and
revitalize
the
historic
region
of
Detroit.
Talmer
Bank
committed
$1
million
to
provide
$25,000
in
forgivable
grants,
over
five
years,
and to
partner
with
Southwest
Housing
Solutions
to boost
home
ownership
and help
new
buyers
refurbish
homes in
the
Marygrove
community.
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