LANSING, Mich., and PHOENIX, March 1, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has entered into a selling shareholder agreement with Bank of Feather River in which Capitol will sell its majority interest in the bank.
Capitol's Chairman and CEO Joseph D. Reid said, "Capitol remains focused on strengthening its affiliates' capital ratios through several strategic initiatives, including our divestitures initiative that continues to generate additional equity capital."
"Under the leadership of President Julie Shackleford, Bank of Feather River has developed a strong banking platform and substantial community presence, which I am confident will continue to benefit the people and businesses of Yuba City for years to come," commented Reid.
At December 31, 2010, Bank of Feather River had assets of approximately $39 million. The transaction is expected to be completed in 2011.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a national community banking company, with a network of separately chartered banks in 14 states. Founded in 1988, Capitol has executive offices in Lansing, Michigan and Phoenix, Arizona.
Forward Looking Statement
Certain statements in this announcement contain forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.
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SOURCE Capitol Bancorp Limited