Capitol Bancorp Ltd. in Lansing, Mich., plans to open a bank in Pittsburgh, which would be only the fourth start-up for that region in 40 years, according to the Pittsburgh Business Times.

Ted Randall, a former Fifth Third Bancorp executive, would be the chief executive officer of the proposed Bank of Pittsburgh, the newspaper said in an article published Thursday.

The $5.3 billion-asset Capitol operates 64 banks in 17 states. It generally owns a majority stake in the banks it helps start. Bank of Pittsburgh filed for a charter from the state Department of Banking on Aug. 28, the newspaper said.

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