Capitol Bancorp Ltd., of Lansing, Mich., has formed a wealth management subsidiary called Capitol Wealth Advisors. The unit, which will be based in Charlotte, is expected to be up and running by the end of the second quarter. It is meant to serve the richer customers of Capitol's 42 banks, which operate in 13 states.
Robert R. Hogan has been hired as the unit's president and chief executive officer, Capitol Bancorp said Thursday. Most recently he was the managing director and chief operations officer of Banc of America Securities LLC of Charlotte.
In addition to its wealth management subsidiary, the $3.5 billion-asset Capitol has applications pending for seven new banks - two in Georgia one each in Arizona, Indiana, Nevada, Ohio, and Washington.
