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Bank holding company: Chemical Financial Corporation (CHFC) (1824)

Chemical Financial Corporation (NASDAQ: CHFC) was founded in 1824 and is headquartered in Midland, Michigan, USA. It has 3,261 full-time employees. It is a bank holding company. Through controlling Chemical Bank, it provides banks and commercial customers in Michigan. Trust products and services.

Chemical Bank

Chemical Financial Corporation (CHFC):

The products provided by Chemical Finance Corporation (through Chemical Bank) include personal checking accounts, savings accounts, personal retirement accounts, fixed deposits, electronic banking services, residential and commercial real estate financing, commercial loans, fee-sale loans, financial cards, safe deposit boxes, and remittances Services, ATM services, insurance and investment products, corporate and personal wealth management services, etc. The company also provides mutual funds, annuity products, securities markets and other products, and provides title insurance services.

Chemical Financial Corporation (CHFC) History:

  • In 1823, Balthazar P. Melick together with John C. Morrison, Mark Spenser, Gerardus Post, James Jenkins, William A. Seely and William Stebbins founded the New York Chemical Manufacturing Company;
  • In April 1824, the company successfully revised its articles of association, enabling the chemical company to start banking business (the predecessor of Chemical Bank);
  • From 1824 to 1996, Chemical Bank was headquartered in New York City. At the end of 1995, Chemical became the third largest bank in the United States with total assets of US$182.9 billion and more than 39,000 employees;
  • And in the 1980s and 1990s accelerated from 1920, Chemical Bank is a leading integrator of the US banking industry, the acquisition of Chase Manhattan Bank (Chase Manhattan Bank), Hannover Manufacturing Company (Manufacturers Hanover), Texas Commerce Bank (Texas Commerce Bank) and Corn Exchange Bank (Corn Exchange Bank) and many other banking companies;
  • After 1988, Chemical Bank became a major subsidiary of the bank holding company Chemical Banking Corporation;
  • In July 1991, Chemical Bank acquired Manufacturers Hanover Corporation for 135 billion U.S. dollars. In terms of assets, the former was the sixth largest bank in the United States and the latter was the ninth largest bank. The transaction was completed at the end of 1991, making Chemical Bank the The second largest bank in the United States after Citibank . In the country, the merged New Chemical Bank has become one of the largest lending institutions in the United States and can be said to be the leader of global loan syndicates. In addition, it is in a leading position in providing foreign exchange, interest rate and currency swaps, corporate financing services, cash management, corporate and institutional trusts, trade services and fund transfers. Chemical Bank is one of the largest bank credit card franchise operations in the country, and is the main sponsor and service organization of housing mortgage loans;
  • In 1996, Chemical Bank acquired Chase Manhattan Corporation (Chase Manhattan Corporation), the merger value was 10 billion US dollars, creating the largest financial institution in the United States; although Chemical was the company that initiated the acquisition, the merged bank adopted the Chase name (brand) , Because the Chase brand is considered to be better known, especially internationally.
  • The bank continued to operate under the Chase brand until it acquired JP Morgan & Co. in December 2000 and established JPMorgan Chase & Co.. In all these acquisitions, Chemical’s original management team was led by Walter V. Shipley, who was still in charge of bank operations.
  • Chemical Bank is now part of JPMorgan Chase.

Chemical Bank Acquisitions

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