Chemical Bank announced its new community bank board of directors on Tuesday; by Wednesday afternoon, two of those members had resigned. Traverse City Area Chamber of Commerce CEO Doug Luciani and Northwestern Michigan College President Tim Nelson both notified Chemical Bank executives they had reconsidered and would not accept the board positions.

NMC's Nelson's letter says in part, "While this advisory board has no fiduciary authority it offered the unique opportunity of working with a group of strong regional leaders for the benefit of Traverse City...However, out of respect to our long standing partnerships with other financial institutions, I must avoid any perception of preferential treatment that might result from a corporate board appointment..."

Luciani had no comment.

Chemical Bank North Region President Donna McAvoy issued a statement: “We’re very disappointed with the decision Doug Luciani and Tim Nelson have made after further consideration, to not continue serving on our Traverse City advisory board and recognize that we’re losing the guidance of two talented individuals. We are extremely pleased though with the caliber and abilities of the remaining members of our board, and we will continue to attempt to attract individuals of high caliber and community involvement.”