Chemical Bank is moving is headquarters from Midland, Mich. to downtown Detroit and with the move will be a new 20-story building and 500 jobs in the city.
The group will immediately relocate its headquarters to downtown Detroit but will continue it's long-term plans with the 20-story headquarters at the corner of Woodward Ave. and Elizabeth, across the street from Comerica Park.
It comes with the news that the city of Detroit has named Chemical Bank the 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 Corporation. "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."
A celebration at the site of the future building will happen with Detroit Mayor Mike Duggan, along with other state and local officials.
"Chemical Bank is a great banking partner for the city's finances and a great community partner, now headquartered in the City of Detroit," said Duggan. "I am very excited to welcome Detroit's new hometown bank."
"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, and Chemical Bank is excited to help them build our economy and invest in Michigan's future," said Thomas Shafer, president and CEO of Chemical Bank. "With our legacy markets as our foundation, Chemical Bank's continued expansion into the Detroit market establishes us as a leading financial institution in the Midwest."
In the interim, the bank will house its employees and expand its offices 333 Fort St. It will also retain its current Midland workforce and its presence in the community.
People who live in the area are happy the company is moving in.
“I just moved back to Detroit 2011 from Las Vegas okay, I never could have imagined to see this but this is a great thing what is going on in Detroit for Chemical Bank to do this is a blessing,” said Regineld Swinton.
“I’ve been down here working for the Ilitchs’ downtown here for 24 years so it’s been really good,” said Keith Keeling.