Chemical bank announced Wednesday that it will relocate its headquarters from Midland to Detroit.
Representatives for Chemical Bank say the move should not have a negative impact on the Midland area.
Tom Shafer is the President and CEO of Chemical Bank.
“Before the announcement, I spoke to many of the leaders in the Midland community and reassured them that no one from Midland is moving to Detroit.”
Shafer said the 500 jobs based in Midland will remain there.
He said Midland employees work with Midland-area clients and it doesn’t make sense to move them.
Shafer said the new headquarters is a sign that the company is growing and can add employees to its workforce.
A date for the headquarter transfer has not yet been set.