LANSING, Mich. and PHOENIX, Aug. 8, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has entered into an agreement pursuant to which all outstanding shares of Bank of Las Colinas, including the 51 percent interest held by Capitol, will be acquired by Veritex Community Bank.
Capitol's Chairman and CEO Joseph D. Reid said, "This transaction, along with several other pending sales, will generate equity capital that will be reapportioned among our affiliate banks in an effort to improve their capital ratios."
"Over the last three years, President Gerold Hooker and the Bank of Las Colinas team have worked diligently to establish a sound banking operation in the Irving market. We wish them future success as they continue to serve the financial needs of their community," commented Reid.
The transaction, which is subject to shareholder and regulatory approvals, 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 with operations in 13 states. Founded in 1988, the Corporation 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.
All forward-looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the Corporation's behalf are qualified by the cautionary statements in this press release. The Corporation does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
SOURCE Capitol Bancorp Limited