After Chemical Financial Corp. Based in Midland for over 100 years, it immediately becomes the hub of downtown Detroit.
"Chemical Bank, the largest bank headquartered in Michigan, is thrilled and delighted to be part of Detroit's dynamic growth and success," said Gary Torgow, chairman of Chemical Financial Corp. a press release. "We are honored to be able to bring a bank office back to the city of Detroit and become Detroit's hometown bank."
The Chemical Bank also plans to retain its current Midland workforce of more than 500 and its presence in this community as it expands in Detroit. Midland will continue to be the base for its Corporate Operations Center.
"We are pleased with our continued strong relationship with Midland and believe that our operational infrastructure there will benefit from our increased transaction volumes from our growth markets." Thomas Shafer, President and CEO of Chemical Bank, said in a press release.
Chemical Bank has been headquartered in Midland since its inception in 1917. A merger with Talmer Bank and Trust made Chemical Bank the largest bank in the country, with more than $ 20 billion in assets, approximately 3,300 employees and 212 banking centers in Michigan, Indiana and Ohio.
In the long term, Chemical plans to move to a new 20-story building that will be built on the corner of Woodward Avenue and Elizabeth Street.
Chemical Bank also plans to add more than 500 employees to Detroit's workforce by relocating its headquarters to downtown Detroit as soon as construction on its new site is completed. In the meantime, the Chemical Bank will expand its offices in Detroit on Fort Street 333.
"Detroit is the financial hub for advanced manufacturing and mobility as well as a growing hub for young entrepreneurs who want to capitalize on the city's rich innovation history, and Chemical Bank is excited to help them build our business and into the future of Michigan invest, "said Shafer in a press release. "With our established markets as our foundation, Chemical Bank's continued expansion into the Detroit market has established us as a leading Midwest financial institution."
Detroit Mayor Mike Duggan, along with many local and state officials, will celebrate the announcement of the headquarters with an event on the future site of the new building, which will serve as the headquarters of the Chemical Bank.
"The Chemical Bank is a great banking partner for the city's finances and a great community partner, now based in the city of Detroit." Duggan said in a press release. "I am delighted to welcome Detroit's new home bank."