NEW YORK - Chemical Bank said Wednesday that its top mortgage executive, David Frank, has resigned.

Mr. Frank, who was chief executive officer of Chemical Residential Mortgage Corp., joined Chemical last year when the bank acquired Margaretten Financial Corp. Mr. Frank had been president of Margaretten.

An internal memo said that Mr. Frank had successfully led the integration of Chemical and Margaretten and was leaving to pursue new challenges.

Thomas Jacob, executive vice president in charge of Chemical's national consumer business group, will fill in for Mr. Frank until a new chief executive is appointed.

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