Financial Corporation is a financial holding company that provides
various banking and financial services to individuals and businesses.
The company operates through three business segments: Commercial and
Industrial Banking, Consumer Banking, and Wealth Management Services.
The Commercial and Industrial Banking segment provides a range of lending, depository, and related financial services to middle-market companies, multinational corporations, and governmental entities. The Consumer Banking segment offers a variety of deposit and lending products, as well as personal financial planning and asset management services. The Wealth Management Services segment provides financial planning, investment management, and trust services to individuals and institutions.
The company's products and services are offered through a network of branches in Michigan, Ohio, and Indiana. Chemical Financial Corporation is headquartered in Detroit, Michigan and was founded in 1917.
As of the company's latest financial reports in 2020, Chemical Financial Corporation had total assets of $24.9 billion, total deposits of $20.6 billion, and total loans of $17.4 billion. The company reported net income of $57.9 million and earnings per share of $0.49.
In 2019, Chemical Financial Corporation announced a merger with TCF Financial Corporation, creating one of the largest mid-cap banks in the Midwest region. The merger was completed in 2020, and the combined company is now known as TCF Financial Corporation. The merger is expected to result in cost savings of approximately $180 million, primarily from branch consolidations and technology enhancements.
In response to the COVID-19 pandemic, Chemical Financial Corporation has implemented various measures to support its customers and communities, including offering payment deferrals, waiving fees, and providing financial assistance to small businesses.
Chemical Financial Corporation is a well-established financial holding company with a diverse range of banking and financial services. The company's recent merger with TCF Financial Corporation is expected to result in significant cost savings and provide greater scale to better serve its customers. However, like many financial institutions, the company may face challenges in the near term due to the ongoing pandemic and related econom