Chemical Bank, the largest bank headquartered in Michigan, has announced that it is moving its headquarters from Midland to downtown Detroit. Midland is the home of Dow Chemical, which I would assume is behind the name. It’s a smaller city about two hours from Detroit, so this is not a suburban move but a relocation from outside the Detroit region.
Midland is a very nice and prosperous city, so this is not a move from a failing industrial town. Because of Dow, it’s remained very economically strong and has a lot of assets that would appear to the company’s white collar workforce. With Dow now merged with Delaware chemicals giant Du Pont, Midland already had some uncertainty over its future. And while the banks says it will retain its employees and an operations center in Midland, this is certainly an unwelcome blow to the city.
Chemical is moving into a new 20 story skyscraper to be built and will have around 500 Detroit employees.
This is a significant move for Detroit, and one with statewide ramifications.
Tead the full story at MLive.