Capitol Bancorp Ltd., which owns majority stakes in more than 50 small banks in 14 states, announced Tuesday the opening of its newest one, in Palm Desert, Calif.
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Sunrise Community Bank is Capitol’s seventh bank in California. The $4.1 billion-asset company, which has dual headquarters in Lansing, Mich., and Phoenix, also has banks in Escondido, Napa, San Francisco, and Santa Barbara and two in San Diego.
Stu Bailey, a veteran Palm Desert banker, has been named the president of the new bank.
Sunrise is the second bank Capitol has opened this year. The company said it also has applied for charters in Oregon, Colorado, and New York.
