Michigan's biggest bank to relocate headquarters to Detroit, bringing 500 workers

by

comment
COURTESY PHOTO
  • Courtesy photo

So long, mid-Michigan. Hello, Detroit.

Chemical Bank has announced it's relocating its headquarters from Midland to downtown Detroit, in a move that will bring at least 500 new workers to the city.



The plan was announced this morning at the corner of Woodward Avenue and Elizabeth Street, where a 20-story building will be developed to house the workers. Chemical Bank is the largest bank in Michigan. Crain's Detroit Business called the company's relocation "one of the biggest corporate recruitment wins for the city in recent memory."

The bank merged with Troy-based Talmer Bancorp Inc. in 2016. The Detroit News reports it has more than $20 billion in assets, 3,300 employees, and more than 200 banking centers in Michigan, Ohio and Indiana,.



The headquarters relocation is an apparent about-face for Chemical, whose CEO reportedly promised that the bank would stay headquartered in Midland when he took the job a year ago. The Midland Daily News reported last summer that CEO Thomas Shafer, who was living in southeast Michigan at the time, said he'd move to Midland to take on the new role and wanted "to make it known the bank will stay headquartered in Midland."

Regardless, Detroit is welcoming the news. As business and government officials were unveiling details of the plan, the city issued a release announcing that it has selected Chemical Bank, in partnership with First Independence Bank, as its new primary banking partner. The decision to have Chemical Bank provide banking services like "deposit, receivables and payment solutions" was made in part because of its "strong commitments to Detroit." The bank replaces Chase as the city's go-to.

Stay on top of Detroit news and views. Sign up for our weekly issue newsletter delivered each Wednesday.

Tags

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at letters@metrotimes.com.

Detroit Metro Times works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Detroit and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Detroit's true free press free.