Fifteen years after taking the reins at Chemical Financial Corporation, President & Chief Executive Officer David Ramaker has decided to retired in the third quarter of this year, paving the way for the next generation of leadership at the largest banking company headquartered in the state of Michigan.
In a joint statement from Board Chairman Gary Torgow and Lead Director Franklin C. Wheatlake, Chemical reported that in the wake of Ramaker’s decision to retire, Thomas Shafer has been named Vice Chairman of the corporation and joins the Board of Directors of both the bank holding company and Chemical Bank. Shafer has also been named President and CEO of Chemical Bank. Additionally, David Provost was named President and CEO of the corporation and Wheatlake has been appointed as Chairman of the board of directors of Chemical Bank.
Ramaker joined Chemical Bank as a Vice President in 1989, became President and CEO of Chemical Bank in 2001 and was appointed President and CEO of Chemical Financial in 2002. Wheatlake said, “David Ramaker forged many positive relationships with customers and the community during his tenure as CEO of Chemical Bank and the corporation. We thank him for his leadership and community involvement and wish him well in his retirement.”
Torgow said, “David Ramaker guided Chemical with strong leadership and helped grow the corporation into the largest banking company headquartered in Michigan. We are most grateful and wish him the very best.”
In August 2016, Shafer was named Executive Vice President and Director of Regional and Community Banking at Chemical Bank. Previously, he was Chief Operating Officer of Talmer Bancorp, Inc. and President of Talmer Bank and Trust. Shafer previously held numerous executive positions with Citizens Republic Bancorp.
Shafer says, “I am very excited about the challenges and opportunities ahead for Chemical. I have a high regard for all that David Ramaker has accomplished at Chemical and I look forward to building on the success and momentum established under his leadership.”
Chemical Financial Corporation is the largest banking company headquartered and operating branch offices in Michigan. The corporation operates through its subsidiary bank, Chemical Bank, with 249 banking offices located primarily in Michigan, northeast Ohio and northern Indiana. At March 31, 2017, Chemical had total assets of $17.64 billion.
