Michigan based Chemical Bank has announced hundreds of layoffs according to this WNEM report, at least 38 branches are expected to close by the end of the fourth quarter.
Chemical Financial Corporation has announced plans to cut seven percent of its employees and close dozens of branches following its recent merger.
The information became available through a filing with the United States Securities and Exchange Commission.
Impacted staff have been notified, and all layoffs are expected to be complete by Sept. 30.
Across both Michigan and Ohio, Chemical Bank employees 3,500 employees. The 7 percent reduction means that 230 people will lose their jobs, most of them in Michigan, according to Chemical Bank CFO Dennis Klaeser.
By the end of the fourth quarter, the bank plans to have closed at least 38 branches. Some of those branches will have business transferred to the closest available branch.
According to the filing, annualized cost savings from the restructuring initiative are expected to be approximately $20 million.
Midland-based Chemical merged with Talmer Bank, headquartered in Troy, in 2016; making it the largest Michigan-based bank.