DETROIT (WJBK) - City leaders announced a major company is moving its headquarters down to Detroit Wednesday morning.
Chemical Bank is moving its headquarters from Midland, Mich. to Detroit -- and will eventually be housed in a new, 20-story building.
The headquarters will be at the corner of Woodward Avenue and Elizabeth Street, which is right across the street from Comerica Park next to the The Fox Theatre and The Fillmore.
Chemical Bank has been headquartered in Midland since its founding in 1917. It recently merged with Talmer Bank and Trust, another Midwestern branch. The joint forces led to Chemical Bank being the state's largest headquartered bank, with more than 3,000 employees and 212 banking centers across Michigan, Indiana and Ohio.
The move to Detroit is expected to bring 500 new jobs.
Officials announced Wednesday that Chemical Financial Corp., the holding company for Chemical Bank, will immediately make its current space in Detroit its headquarters and the new building is part of its longer-term plans.
Detroit also announced that Chemical Bank will serve as the city's new primary banking partner.