A Phoenix subsidiary of Capitol Bancorp of East Lansing, Mich., is seeking to raise up to $32 million in a public offering.

Sun Community Bancorp, which has started six banks since 1996, said the proceeds would largely be used to start banks in Arizona and Nevada.

The offering calls for 1.875 million shares to be sold at $15 to $17 a share, according to a Securities and Exchange Commission filing last Wednesday. Everen Securities Inc. in Chicago is to underwrite the deal.

Capitol, a $1 billion-asset company with 17 subsidiary banks in Michigan and Arizona, said it would retain a 51% stake in Sun.

Sun Community has $159.1 million of assets and 110 employees. It opened four banks in Phoenix, Mesa, and Tucson, Ariz., last year. Two openings are slated this year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.