CommerceFirst Bancorp, a proposed start-up commercial bank holding company in Annapolis, is seeking to raise $10 million in an initial public offering.
The holding company will offer up to 1 million shares of common stock at $10 a share, according to a registration statement filed Nov. 30 with the Securities and Exchange Commission.
CommerceFirst Bank, which initially will target Anne Arundel County, is expected to open in May.
Richard J. Morgan, the proposed bank's CEO, said CommerceFirst will focus on small business lending and position itself as an alternative to larger competitors.
"Small banking is definitely viable," Morgan said. "I …