CHFC Profile
Chemical
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.
Recent Financials:
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.
Recent Developments:
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.
Conclusion:
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
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