Capitol Bancorp Completes Divestitures of Washington-based Bank of the Northwest and California-based Sunrise Bank
LANSING, Mich. and PHOENIX, July 29, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sales of Bank of the Northwest and Sunrise Bank to AmericanWest Bank, led by Chairman and CEO Scott Kisting.
Capitol's Chairman and CEO Joseph D. Reid said, "Our strategic divestitures initiative continues to progress through these types of transactions in which Capitol is able to partner the divested banks with like-minded groups committed to similar community banking principles, which is exemplified by AmericanWest Bank. The sale of Bank of the Northwest, which was announced on May 26, and Sunrise Bank, announced on June 9, will divest more than $375 million of consolidated assets while enabling Capitol to reallocate approximately $24 million of equity capital within our affiliate system."
"Under the leadership of Bank of the Northwest President and CEO Thomas Giovanelli and Sunrise Bank Chairman and CEO Scott Andrews, both banks have established a solid presence in their respective markets. We expect the banks to continue developing their business and wish both banking teams continued success in the future," added Reid.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a national community banking company, with a network of separately chartered banks with operations in 13 states. Founded in 1988, the Corporation has executive offices in Lansing, Michigan and Phoenix, Arizona.
SOURCE Capitol Bancorp Limited