Michigan’s Chemical Bank to shift headquarters to Detroit
Chemical Financial in Midland, Mich., is moving its headquarters to downtown Detroit.
Initially the headquarters will be at Chemical’s current location in the Motor City with plans to build a 20-story building at the corner of Woodward Avenue and Elizabeth Street, the company said Wednesday. Chemical is also looking to hire 500 employees to work out of Detroit.
The move ties in with the city recently naming Chemical Bank as its new primary banking partner for managing the city’s operating deposit accounts. That deal is expected to bring in up to $500 million in deposits.
“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,” Gary Torgow, chairman of Chemical, said in a press release.
Founded in 1917, the $20.3 billion-asset Chemical became the largest bank headquartered in Michigan when it bought Talmer Bancorp in 2016.
While the new headquarters building is under construction, Chemical will expand its Detroit offices at 333 Fort Street, the company said.
The bank will also retain its current Midland workforce of over 500. Midland will continue to be the home of the bank’s corporate operations center.