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DETROIT – Michigan state leaders and the city of Detroit met on Wednesday morning to announce that Chemical Bank would bring its seat to the city.
Chemical Bank announced plans to move its headquarters to Detroit, including a new 20-story building in downtown Detroit. The bank was founded in Midland, Michigan in 1917.
The building will include retail space and parking. The move is expected to bring 500 jobs to the new Detroit building. Chemical Bank said Midland will not lose employees as part of the move.
Chemical bank CEO Tom Shafer said the bank would soon announce several other major investments in Detroit as part of its ongoing efforts to contribute to the city's success.
The Chemical Bank is the largest banking company based in Michigan and is a participating banker in the Detroit Residential Mortgage Program.
The Wednesday morning press conference was held at 2047 Woodward Ave in Detroit. It's at the corner of Elizabeth Street and Woodward Avenue in downtown Detroit – the site of the new headquarters.
Detroit Mayor Mike Duggan, City Council Chair Brenda Jones, Wayne County Director Warren Evans, senior business leaders spoke at the press conference.
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