Chemical Financial Corporation Relocates Headquarters to Detroit, Michigan
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 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.
The 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. Thomas Shafer, President & CEO of Chemical Bank 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.
“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 Shafer. “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, 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.”
“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.”
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