Capitol Bancorp Announces the Sale of Colorado-based Mountain View Bank of Commerce
LANSING, Mich., and PHOENIX, Aug. 16, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has entered into a definitive agreement to sell its 51 percent interest in Mountain View Bank of Commerce to Lincoln, Nebraska-based NBC Bancshares, led by CEO Lee R. Stuart.
Capitol's Chairman and CEO Joseph D. Reid said, "Capitol remains focused on reallocating equity capital across our network of affiliate banks through bank divestiture efforts."
"We are pleased to have partnered with the Mountain View Bank of Commerce team to establish the bank in the Westminster market. We wish President Andy Ellison and his team continued success as they move into the future," added Reid.
The completion of this transaction, coupled with the 2010 divestitures of Fort Collins Commerce Bank, Larimer Bank of Commerce and Loveland Bank of Commerce, will constitute Capitol's exit from the Colorado market and the divestiture of nearly $300 million of assets within the state.
The transaction, which is subject to regulatory approval, is expected to be completed in 2011.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a national community banking company with a network of separately chartered banks in 13 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
Forward Looking Statement
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SOURCE Capitol Bancorp Limited