Detroit Becomes Chemical Bank’s New Home
- Jul 26, 2018
Chemical Bank, Michigan’s largest headquartered bank, has relocated to downtown Detroit. The Midland-based financial company plans to increase its employee count by 500 people following its appointment as the City of Detroit’s primary banking partner for managing operating deposit accounts. While the move is expected to consolidate several offices, Chemical Bank will maintain staff in Midland and several other markets, where it currently operates.
“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,” said Thomas Shafer, president & CEO of Chemical Bank, in prepared remarks.
With an employee count of more than 500 people, Midland will continue to be Chemical Bank’s corporate operations center.
An Upcoming, Brand-New HQ
The downtown office, located at 333 Fort St., is set for renovations as it will expand to accommodate personnel growth. This will be a temporary location for the bank, as Chemical Financial Corp.—the holding company for Chemical Bank—plans to develop a 20-story building at the corner of Woodward Avenue and Elizabeth Street. According to The Detroit News, construction costs for the mixed-use development will amount to roughly $60 million. The new building will include approximately 400,000 square feet of office, retail, parking and luxury residential space.
This will be the bank’s second major investment in Detroit over the past four years. Following the merger with Talmer Bancorp Inc. in 2014, Chemical Bank became a partner in the City’s plan to revitalize the Marygrove neighborhood, which Talmer was sponsoring. The $1 million commitment translated into $25,000 in forgivable grants over five years.
Image courtesy of Chemical Bank