Capitol Bancorp Ltd, of Lansing, Mich., has opened its first Ohio banking unit, Bank of Maumee.
The $3.7 billion-asset holding company, which announced the opening Wednesday, now owns 48 separately chartered banks in 14 states.
Bank of Maumee is the seventh it has opened this year, and the company says five other start-ups are in the pipeline.
In April, Capitol said that it intends to have 100 banks in its network by the end of 2011.
Lee Dunn, who has been a banker in Ohio for 35 years, was named Bank of Maumee's president and chief executive officer. Most recently he was the president and CEO of the $84 million-asset Genoa Savings and Loan Co. The $1.5 billion-asset First Federal Bank of the Midwest in Defiance bought Genoa Savings in April of last year.
