Chemical Bank and TCF merge to form new Detroit-based bank
A merger between Chemical Bank and TCF is expected to add more jobs and lending resources to the Detroit-area economy. The new bank will have $45 billion in assets, and is expected to bring hundreds of jobs to the area.
Chemical Bank had already begun construction on a new 20-story building for its headquarters in downtown Detroit, near Comerica Park. That building was expected to house about 500 new employees. The merged bank – operating under the name TCF – will stay headquartered in Detroit. But Tom Wennerberg of Chemical Bank says they might have to adjust their plans. "Now with this merger announcement, we're going to certainly need to reevaluate whether it's big enough, or what our needs are going to be longer term," says Wennerberg.
The merger would also allow the new bank to lend more money to metro detroit businesses – and invest in Detroit-based philanthropic ventures.
Chemical Bank moved to Detroit from Midland last year after establishing a banking relationship with the city of Detroit.
Wayne County Executive Warren C. Evans released a statement praising the merger. "This merger will allow the region to be a player in the financial industry in a way it hasn't in quite some time. It will translate to more jobs and is further affirmation that Wayne County's 43 communities, including the city of Detroit, are on the rise in a significant way," he wrote.