Capitol Bancorp Completes the Divestiture of Its Interest in Texas-based Bank of Las Colinas
LANSING, Mich. and PHOENIX, Oct. 27, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sale of its interest in Bank of Las Colinas.
Capitol's Chairman and CEO Joseph D. Reid said, "Under the direction of President Gerold Hooker, the Bank of Las Colinas team has developed a community banking niche in the Irving market. On behalf of Capitol, I wish the bank continued success for years to come."
The completion of this transaction, coupled with the prior divestiture of Bank of Fort Bend, constitutes Capitol's exit from the Texas market and the collective divestitures of nearly $84 million within the state.
"This is our third successful divestiture this month, and twenty-first overall, furthering our continued deleveraging and capital reallocation initiatives," commented Reid.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a national community banking company with a network of separately chartered banks in 11 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
SOURCE Capitol Bancorp Limited