Kent Commerce Has New President
KENTWOOD — Capitol Bancorp Limited has named Mark DeWitt president and CEO of Kent Commerce Bank effective today.
DeWitt most recently served as vice president and business development officer for Grand Rapids-based Select Bank. He replaces former Kent Commerce president and CEO David E.Veen.
DeWitt has 21 years of banking experience in the West Michigan market, including positions with First of America Bank, now National City, and the former Michigan National Bank, now Standard Federal.
Kent Commerce Bank is a locally managed, full service bank at 4050 Lake Drive SE and an affiliate of Lansing-based Capitol Bancorp.
Capitol Bancorp is structured as a bank holding company but operates as a bank development company, serving its subsidiaries as an investor, mentor and back-office service provider and monitors their financial performance. The company has developed a network of 32 separately chartered community banks in its nine-state footprint, 11 of them in Michigan.
Last November, Capitol Bancorp filed an application to form another bank in Michigan — the Bank of Auburn Hills, which is currently working its way through the approval process. Corporate spokeswoman Joal Redmond said the company is targeting the opening of the Auburn Hills affiliate for sometime around the end of the second quarter.
She noted that the company anticipates opening its newest de novo community bank in the state — Bank of Michigan — in Farmington Hills within the next couple weeks.
Each bank in Capitol Bancorp’s network of affiliates operates from a single location and has local decision making authority in regard to loans and delivery of other financial services. Like Kent Commerce, each bank also is managed by an on-site president and management team under the direction of a local board of directors.
Capitol Bancorp has total assets of more than $3.1 billion. The Great Lakes is its largest region, representing more than $1.5 billion of total assets.