Photo via flickr.com
The largest bank based in Michigan is closing 16 branches.
Chemical Bank President and CEO David Ramaker announced the closings during the Midland-based bank’s first-quarter earnings conference call last week.
He said the closings are part of an initiative to increase efficiency and adapt to evolving customer needs.
The branches targeted for consolidation were not disclosed.
The 16 closings bring the total number of Chemical branches marked for closure in the past year to 34. Ramaker said that most of those closings will occur by year’s end.
By closing the 16 branches, Ramaker said the bank is expected to save about $1.5 million in 2017.
The bank will continue to review branch locations to consolidate based on growth opportunities.
Chemical Financial Corporation completed a $1.4-billion acquisition of Talmer Bancorp in September, making it the largest bank headquartered in the state.
As part of that acquisition, Chemical consolidated seven Talmer locations due to their proximity to Chemical branches.
Chemical Financial Corporation, the holding company for Chemical Bank, currently operates 249 banking offices throughout Michigan, northeast Ohio and northern Indiana.
The corporation maintained assets of $17.36 billion as of Dec. 31, 2016.