Chemical Financial Corporation

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This article is about the community bank headquartered in Michigan. For the national banking firm that merged with Chase Manhattan, see Chemical Bank.
Chemical Bank
Public
Traded as NASDAQCHFC
Industry Finance
Founded 1917
Headquarters Midland, MI, USA
Key people
Mr. David B. Ramaker, Chief Executive Officer of Chemical Financial Corporation [1]
Products Financial Services
Commercial banking
Private Banking
Number of employees
--
Website www.chemicalbankmi.com

Chemical Bank is a Michigan-based bank headquartered in Midland, Michigan. It is the wholly owned subsidiary of Chemical Financial Corporation, and has 187 offices in Michigan's lower peninsula. It is Michigan's second largest bank headquartered in Michigan.

Currently[edit]

Chemical Financial Corporation ("Chemical") is the second largest banking company headquartered and operating branch offices in Michigan. Chemical operates through it's subsidiary banks, Chemical Bank, The Bank of Holland and the Bank of Northern Michigan, with 187 banking offices spread over 47 counties in Michigan. At June 30, 2015, Chemical and its affiliates had, on a pro forma basis, $9.0 billion in consolidated assets, $7.0 billion in consolidated loans and $7.3 billion in consolidated deposits.[2] Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising The NASDAQ Global Select Market. More information about the Corporation is available by visiting the investor relations section of its website at www.chemicalbankmi.com.[3]

The current CEO is David B. Ramaker. Chemical Bank has received an "outstanding" CRA rating from the Federal Reserve Bank of Chicago.[4]

On March 11, 2014, the boards of directors of Chemical Financial Corporation (Nasdaq: CHFC), the holding company for Chemical Bank, and Northwestern Bancorp, Inc., the holding company for Northwestern Bank, announced the execution of a definitive agreement for Chemical Financial Corporation ("Chemical") to partner with Northwestern Bancorp, Inc. (“Northwestern"). The acquisition is expected to complete sometime in the third quarter. With the partnership with Northwestern and its 25 branches across 11 northwestern Michigan counties it is anticipated that Chemical Bank will have the largest retail branch delivery network (ranked by number of branch locations) outside of the Detroit MSA of any financial institution operating in Michigan.

History[edit]

Chemical State Savings Bank was founded in 1917.

The headquarters of Chemical Bank was the site of Tony Chebatoris' infamous bank robbery in 1937, which ultimately ended in Chebatoris being the only man receiving the death penalty in the state of Michigan.[5]

Chemical Bank and Trust Company changed its name to Chemical Bank in 1973 to reflect that their trust activities were only one part of the total business.

Dollar The Squirrel[edit]

In 2008, Chemical Bank adopted Dollar The Squirrel as their company mascot. Dollar appears at company funded events around the state as well as in Chemical Bank's story book which they use to educate elementary-aged children on the importance of saving.


References[edit]

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