LANSING, Mich. and PHOENIX, Aug. 31 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has completed the sale of its 51 percent interest in Adams Dairy Bank.
Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased with the progress of our widely publicized divestiture program. This sale is the eighth transaction to be completed, enabling Capitol to redeploy capital to those affiliates challenged by the economy."
At June 30, 2010, Adams Dairy Bank had total assets of approximately $46 million.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $4.7 billion national community banking company, with a network of separately chartered banks in 14 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
SOURCE Capitol Bancorp Limited