July 25 — Formerly based in Midland, Mich., Chemical Financial Company, the holding company for $20.3 billion-Chemical Bank, has announced it will immediately relocate its headquarters to Detroit. Currently, the company will reside downtown, but there are plans for a new 20-story building at the corner of Woodward Ave. and Elizabeth St.
The move comes on the heels of an announcement that the City of Detroit has selected Chemical as its new primary banking partner for managing the city’s operating deposit accounts, with expected balances of up to $500 million in deposits. The bank will provide banking services including a comprehensive suite of payment and deposit solutions, including lockbox services.
“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.”
Detroit Mayor Mike Duggan, along with other local and state officials, will recognize the relocation with an event on the future site of the new headquarters. Speakers addressing those assembled include 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, 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 Corp. and a longtime Detroit native. “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.”
The bank plans to add more than 500 employees to the city’s workforce once construction of the new location is complete. In the interim, the company will expand its current Detroit offices at 333 Fort St. Chemical still plans to retain its current Midland workforce of over 500 people as well as its presence in the community, and the site will continue to function as the firm’s corporate operations center.
Chemical has been headquartered in Michigan since its founding in 1917, later joining forces with Talmer Bank and Trust. The merger made Chemical 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.