Detroit's newest bank is setting up shop in a landmark.

Detroit Commerce Bank-the city's first new bank in 27 years-has leased space in the first floor of the Penobscot Building.

In the heart of downtown, the Penobscot was built in 1928 in the art deco style and was Detroit's tallest building until 1977.

The 47-story edifice has a distinctive red ball topper.

Detroit Commerce, which is still forming, chose the building because of its landmark status and its proximity to the city's football and baseball stadiums-both under construction-said Linda Watters, president of Detroit Commerce.

"We will be very accessible to our small-business customers and right in the mix of activity," she said.

The bank, to open in late fall, will be the 14th started by $760 million-asset Capitol Bancorp Ltd. of Lansing, Mich.

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