91.7 Ann Arbor/Detroit 104.1 Grand Rapids 91.3 Port Huron 89.7 Lansing 91.1 Flint
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Chemical Bank and TCF merge to form new Detroit-based bank

An aerial view of Downtown Detroit with other part of the city in the distance.
Robert Thompson
Wikimedia Commons

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.

Catherine Shaffer joined Michigan Radio in 2014. She works in the newsroom and specializes in stories related to the life sciences, health, and technology. Catherine earned a bachelor’s degree in Biochemistry from Michigan State University and a Master’s from University of Michigan. Prior to Michigan Radio, Catherine has worked as a freelance writer, mainly in focusing on biotechnology and the pharmaceutical industry, since 2001. She is also an award-winning fiction writer. When not at work, Catherine enjoys being in the outdoors and practicing yoga.