Capitol Bancorp Completes the Divestiture of Its Interest in Indiana-based Evansville Commerce Bank
LANSING, Mich. and PHOENIX, Oct. 11, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sale of its interest in Evansville Commerce Bank.
Capitol's Chairman and CEO Joseph D. Reid said, "Through the hard work of President Tom Austerman and the Evansville Commerce Bank team, the bank has established its place as a premier financial institution in the Evansville community. We wish the bankers future success as they continue to serve the financial needs of their community."
"We are pleased with the continued progress of our consolidated deleveraging initiative, which has enabled us to direct capital elsewhere in our network. To date, the initiative has resulted in the successful divestiture of 20 banks, which represents more than $1.8 billion in assets," added Reid.
At June 30, 2011, Evansville Commerce Bank had total assets of approximately $50 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