Chemical Financial Corporation

Chemical Financial Corporation
Public company
Traded as NASDAQ: CHFC
S&P 400 Component
Industry Banking
Founded 1917 (1917)
Headquarters Detroit, Michigan, U.S.
Key people
 David T. Provost, President & CEO
Dennis L. Klaeser, CFO[1]
Revenue Increase US$ 532 million (2016)[1]
Increase US$ 108 million (2016)[1]
Total assets Increase US$ 17.355 billion (2016)[1]
Total equity Increase US$ 1.546 billion (2016)[1]
Number of employees
 3,300[1]
Website www.chemicalbank.com

Chemical Financial Corporation is a bank holding company headquartered in Detroit, Michigan. It operates Chemical Bank, which has 249 branches and is the largest bank headquartered in Michigan.[1]

History

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 that they would move their headquarters to Detroit, along with over 500 employees.[10]

References

  1. 1 2 3 4 5 6 7 "Chemical Financial Corporation 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 "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. Retrieved July 25, 2018.
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