LANSING, Mich. and PHOENIX, March 7, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has entered into an agreement with Collin Bank to sell its majority interest in Bank of Las Colinas.
Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased with the continued progress of our strategic divestitures initiative that continues to generate equity capital to support our network of affiliate banks."
This follows Capitol's announced sale of its other Texas affiliate, Bank of Fort Bend, last year. The completion of these transactions will constitute Capitol's exit from the Texas market and divestiture of all $80 million of its assets within the state as of December 31, 2010.
"The Bank of Las Colinas team under President Gerold Hooker's leadership has enjoyed a promising start since establishing the bank in 2007. The bank is well-positioned in its community, serving the financial needs of local people and businesses," added Reid.
The transaction is expected to be completed in 2011.
About Capitol Bancorp Limited
Capitol Bancorp Limited (OTCQB: CBCR) is a national community banking company, with a network of separately chartered banks with operations in 14 states. Founded in 1988, the Corporation has executive offices in Lansing, Michigan and Phoenix, Arizona.
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SOURCE Capitol Bancorp Limited