MIDLAND (WJRT) - (07/25/18) - Chemical Financial Corporation announced it is moving the company's headquarters from Midland to Detroit.
The holding company for Chemical Bank also has plans to build a new 20 story building along Woodward Avenue as it becomes Detroit's new primary banking partner. The deal was announced Tuesday.
Midland's mayor was told about the planned move shortly ahead of the announcement from Detroit.
In a news release Chemical Bank said it still plans to retain Midland's roughly 500 jobs as the city will continue to be the home of its corporate operations center.
A spokeswoman said the jobs include: loan servicing, finance, marketing, information technology, wealth management, project management, human resources and other jobs.
"It's a little bit unclear to Midland, we haven't really had direct conversations with Chemical Bank," said Brad Kaye, Midland's city manager. "Initially with the merger that took place back in 2016 the comments that came from Chemical Bank was that the headquarters would stay here in Midland, they've not carried through on that and so we're disappointed in that. But at the same time we recognize that they're looking for growth throughout the Midwest and not just Midland itself."
Kaye was referring to the 2016 merger with Talmer Bank which created the largest bank headquartered in Michigan.
Chemical Bank dates back to 1917 and has always been headquartered in Midland. "We will reach out to them, we'll have a sit-down hopefully in the not too distant future, and find out a little bit more in terms of what their specific plans are for Midland and what that might mean to our community," Kaye said.
Read the full statement from Chemical Bank by clicking on the 'Related Link' with this story.