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.

www.capitolbancorp.com

SOURCE Capitol Bancorp Limited



RELATED LINKS
http://www.capitolbancorp.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.