Chemical Bank has named Detroit as the home of its new, 20-story corporate headquarters. The facility, which will be built at the corner of Woodward Avenue and Elizabeth Street, is expected to have a workforce of about 500 employees.
It was also announced that Chemical Bank, the largest headquartered bank in the state of Michigan, will become the City of Detroit’s new primary banking partner. Officials say the company’s long-term commitment to Detroit was a factor in the decision.
Chemical Bank has been based in Midland, Michigan since its inception in 1917. But two years ago, it absorbed Detroit-based Talmer Bank in a merger. Before that, Talmer Bank worked with the Detroit Mayor’s Office to improve the Marygrove neighborhood, putting $1 million towards grants for homeowners to rehab their houses.
“Since (Talmar Bank) became Chemical, we’ve seen Chemical step up efforts in the home mortgage program — in community investment,” says Detroit Mayor Mike Duggan. “They’ve became a bigger and bigger player. In fact, they started moving people into the city of Detroit.”
Chemical Bank is also a participant in the Detroit Home Mortgage program. City Council President Brenda Jones says the bank’s focus on neighborhood lending is an asset for Detroit communities.
“Local businesses and residents will have a great resource to start or grow their operations,” she says, “getting money to make much needed home repairs and upgrades, or using their financial resources for a variety of need.”
Construction on the new 20-story headquarters is expected to break ground early next year. While Chemical Bank officials say they expect the building will be ready for business two or three years from now, their current Detroit offices will be expanded in the short term.