Chemical Banks Merger With TCF: What It Means for SE Michigan

Chemical Bank

A rendering of Chemical Bank’s future headquarters in Downtown Detroit

On Monday, news broke that Chemical Bank — the large, Michigan based bank that plans to move its headquarters to Detroit — is merging with TCF Bank

TCF is another large bank, based in a suburb of Minneapolis.

Chemical is buying TCF, taking its name, and moving its headquarters to Detroit.

The new bank will have more than 500 locations in the Midwest, and employ more than 10,000 people.

What will this move mean for the Detroit and the region’s economy?

Chemical Bank President & CEO Tom Schafer joins Detroit Today with Stephen Henderson to talk about the merger.

Henderson also speaks with Detroit Free Press business reporter JC Reindl and Crain’s Detroit Business reporter Chad Livengood about the move and what it means for Southeastern Michigan.

It’s clear that the Chemical Bank/TCF merger will create jobs in Detroit and will likely help build the Michigan economy. But banks mean something different to under-served communities, where access to capital and housing security is not only about economic health — it can also be about community health, and even personal health.

Enterprise Community Partners launched an initiative that recognizes housing insecurity as a health crisis, and nationally the organization will dedicate $250 million to fighting that crisis.

Melinda Clemons, senior director for Enterprise’s Detroit market, joins the program to talk about that initiative, called “Health Begins with Home.”

Click on the audio player above to hear those conversations.

Image credit: TCF Bank

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Detroit Today

Dynamic and diverse voices. News, politics, community and the issues that define our region. Hosted by Pulitzer Prize-winning journalist Stephen Henderson, Detroit Today brings you fresh and perceptive views weekdays at 9 am and 7 pm.

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