Chemical Financial Corporation
| Public | |
| Traded as | NASDAQ: CHFC |
| Industry | Finance |
| Founded | 1917 |
| Headquarters | Midland, MI, United States |
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
Chemical Financial Corporation ("Chemical") is the second largest banking company headquartered and operating branch offices in Michigan. Chemical operates through its 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.
The current CEO is David B. Ramaker. Chemical Bank has received an "outstanding" CRA rating from the Federal Reserve Bank of Chicago.[3]
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 was 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.[4] The acquisition of Northwestern was completed on October 31, 2014.[5]
In January 2016 it was announced that Chemical Bank had acquired Talmer Bancorp of Troy, Michigan, subject to regulatory approval.[6]
History
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.[7]
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
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
- ↑ Bloomberg Businessweek: Chemical Bank
- ↑ "Chemical Bank. Made in Michigan.". Retrieved 2015-08-05.
- ↑ "Federal Reserve Bank of Chicago".
- ↑ "Chemical Bank buys Northwestern Bank for $120 million". Retrieved 2016-01-28.
- ↑ "Chemical Financial Corporation Completes Acquisition of Northwestern Bancorp, Inc.". Retrieved 2016-01-28.
- ↑ "Talmer Bank to be absorbed by Chemical Bank". Retrieved 2016-01-28.
- ↑ Michigan History Magazine: May/June 1998-The Execution of Anthony Chebatoris, by Aaron J. Veselenak Archived January 5, 2009, at the Wayback Machine.