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Chemical Bank Announces Move to Downtown Detroit
Torgow announces new headquarters for Chemical Financial Corporation
Chemical Financial Corporation, led by Chairman Gary Torgow, is moving its headquarters to Downtown Detroit — a city that has not had a major bank headquarters in more than a decade.
Torgow announced July 25 that the company is moving its headquarters from Midland to Detroit. Chemical Financial will build a 20-story building in Detroit’s central business district. Until its completion, the company will relocate its headquarters to its existing location in Downtown Detroit.
Chemical Financial Corporation is the largest banking company with headquarters in Michigan, operating through its subsidiary bank, Chemical Bank, which has 212 banking offices mainly in Michigan, northeast Ohio and northern Indiana. The publicly traded corporation (NASDAQ: CHFC) had total assets of $20.3 billion on June 30, 2018.
“Chemical Bank has a great history of serving markets throughout Michigan, and Detroit and Southeastern Michigan represent our fastest-growing markets,” Torgow said. “We currently have about 3,500 employees; just under 100 are currently in Detroit. We anticipate growing that number to 500 by the time our new Downtown facility is open.”
The city of Detroit announced that Chemical Bank will be its new primary banking partner for managing the city’s operating deposit accounts. “Chemical Bank is a great banking partner for the city’s finances and a great community partner, now headquartered in the city of Detroit,” Detroit Mayor Mike Duggan said at last week’s announcement news conference.
Chemical Bank, which has been headquartered in Midland since its founding in 1917, merged with Talmer Bank and Trust in 2016. Talmer had been a partner in several neighborhood stabilization projects in Detroit beginning in 2014.
The new Chemical Bank tower will be designed by Neumann-Smith Architecture, which has offices in Southfield and Detroit. The building will be constructed at the corner of Woodward Avenue and Elizabeth Street. Torgow said it is in the design phases and declined to provide cost estimates for construction or other details.
In addition to chairing Chemical Financial Corporation, Torgow is the founder and chairman of the Sterling Group, a Michigan-based real estate, development, investment and management company. He is a board member of Blue Cross Blue Shield of Michigan and the Community Foundation of Southeast Michigan.
As a Jewish community leader, Torgow serves on the board of the Jewish Federation of Metropolitan Detroit, is senior vice president of the Orthodox Union and president of Yeshiva Beth Yehudah. He also chairs the steering committee of Mosaic United, an Israeli-based nonprofit engaged in outreach to young Diaspora Jews.
A native Detroiter, Torgow is a graduate of Wayne State University Law School.