Capitol Bancorp, Lansing, Mich., opened its 10th bank in the state last week.
Kent Commerce Bank of Grand Rapids, a subsidiary of Capitol Bancorp, opened its doors with $4 million of initial capital provided by the holding company and 17 local investors. Kent Commerce will be managed by a local board of directors.
Joseph D. Reid, chairman and chief executive officer of $650 million- asset Capitol, said the new Grand Rapids bank is part of Capitol's expansion plan for western Michigan. Last year, Capitol opened Muskegon Commerce Bank.
Capitol now owns 12 banks-half of which are less than two years old. Its two banks outside Michigan are in Arizona. The company also announced it will open banks in Detroit and Phoenix this year.