Chemical Bank moved its headquarters to central Detroit and plans to construct a new 20-story building in the downtown area.
Chemical Bank, which has been headquartered in Midland, MI since its founding in 1917, grew significantly when it merged with Talmer Bank and Trust, leaving it a combined $20 billion in assets, approximately 3,300 employees, and 212 banking centers across Michigan, Indiana, and Ohio.
The 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.
“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 and a 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 plans to add over 500 employees to the city’s workforce once construction on its new building is complete, as well as retaining its current Midland workforce. Midland will also continue to be the home of its corporate operations center.
The commitment to developing a major landmark and bolstering its workforce is the bank’s second major investment in Detroit in the past four years. Prior to its merger with Chemical, Talmer Bank and Detroit Mayor Mike Duggan partnered in 2014 to revitalize the historic Marygrove neighborhood.