Chemical Financial Corporation

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Chemical Financial Corporation
Public company
Traded asNASDAQCHFC
S&P 400 Component
IndustryBanking
Founded1917; 102 years ago (1917)
HeadquartersDetroit, Michigan, U.S.
Key people
David T. Provost, President & CEO
Dennis L. Klaeser, CFO
Increase $0.284 billion (2018)
Total assetsIncrease $21.498 billion (2018)
Total equityIncrease $2.836 billion (2018)
Number of employees
3,100 (2018)
Websitewww.chemicalbank.com
Footnotes / references
[1]

Chemical Financial Corporation is a bank holding company headquartered in Detroit, Michigan. It operates Chemical Bank, which has 212 branches and 8 loan production offices and is the largest bank headquartered in Michigan.[1]

History[edit]

Chemical State Savings Bank was founded in 1917.[2]

In 1937, the headquarters of Chemical Bank was the site of the infamous bank robbery by Tony Chebatoris, which resulted in Chebatoris being the only man to receive the death penalty in the state of Michigan.[3]

In 1964, the bank changed its name to Chemical Bank Trust.[2]

In 1974, the bank changed its name to Chemical Bank.[2]

In May 2010, the bank acquired O.A.K. Financial Corporation.[4]

In October 2014, the bank acquired Northwestern Bank for $121 million in cash.[5]

In April 2015, the bank acquired Monarch Community Bancorp for $27.2 million in stock.[6]

In June 2015, the bank acquired Lake Michigan Financial Corporation for $187.4 million in cash and stock.[7]

In August 2016, the bank acquired Talmer Bancorp for $1.7 billion in cash and stock.[8]

In 2017, David B. Ramaker, president and chief executive officer of the bank, retired and was succeeded by David T. Provost.[9]

On July 25, 2018, the company announced a headquarters move to Detroit, along with over 500 employees.[10]

On January 28, 2019, TCF Financial Corporation, the third-largest bank in the Twin Cities, announced an agreement to merge into Chemical Financial and the combined holding company will operate under the TCF name and brand.[11]

References[edit]

  1. ^ a b "Chemical Financial Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c "Institution History for CHEMICAL BANK (542649)". Federal Financial Institutions Examination Council.
  3. ^ Satayut, Lisa (August 12, 2010). "Current case brings attention to historic Chebatoris". Midland Daily News.
  4. ^ "Chemical Financial Corporation Completes Acquisition of O.A.K. Financial Corporation" (Press release). GlobeNewswire. May 3, 2010.
  5. ^ "Chemical Financial Corporation Completes Acquisition of Northwestern Bancorp, Inc" (Press release). GlobeNewswire. October 31, 2014.
  6. ^ "Chemical Financial Corporation Completes Acquisition of Monarch Community Bancorp, Inc" (Press release). GlobeNewswire. April 1, 2015.
  7. ^ "Chemical Financial Corporation Completes Acquisition of Lake Michigan Financial Corporation" (Press release). GlobeNewswire. June 1, 2015.
  8. ^ "Chemical Financial Corporation Completes Merger With Talmer Bancorp, Inc" (Press release). GlobeNewswire. August 31, 2016.
  9. ^ "Chemical Financial Corporation Announces Retirement of its CEO and President David B. Ramaker" (Press release). GlobeNewswire. June 21, 2017.
  10. ^ Bartkowiak Jr., Dave; Haddad, Ken (July 25, 2018). "Chemical Bank to build new 20-story HQ in Downtown Detroit, bringing 500 jobs to city". ClickOnDetroit.com.
  11. ^ Noble, Breana (January 29, 2019). "Chemical Bank, TCF Bank plan merger headquartered in Detroit". detroitnews.com.