Capitol Bancorp Completes Divestiture of Its Interest in California-based Bank of Feather River
LANSING, Mich., and PHOENIX, Oct. 4, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sale of its interest in Bank of Feather River.
Capitol's Chairman and CEO Joseph D. Reid said, "Under the direction of President and CEO Julie Shackleford, the Bank of Feather River team has established a strong community presence in the Yuba City market that has positioned the bank to be a community bank of choice for years to come."
"Equity capital from this transaction will benefit Capitol's affiliated banks, which remain challenged by a difficult economic landscape and continued uncertainty in the markets," commented Reid.
The completion of this transaction, coupled with the prior divestitures of Bank of San Francisco, Bank of Santa Barbara, Napa Community Bank and Sunrise Bank, constitute Capitol's exit from the California market and the collective divestitures of nearly $600 million within the state."
At June 30, 2011, Bank of Feather River had total assets of approximately $43 million.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a national community banking company with a network of separately chartered banks in 12 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
SOURCE Capitol Bancorp Limited