LANSING, Mich. and PHOENIX, June 3 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has entered into a selling shareholder agreement with Bank of San Francisco in which Capitol will sell its interest in the bank.
Capitol's Chairman and CEO Joseph D. Reid said, "This sale will provide Capitol with access to new capital to support our ongoing strategic initiatives to enhance balance sheet strength and support those affiliates currently impacted by challenging economic conditions."
"Under the leadership of President and CEO Ed Obuchowski and Executive Vice President Wendy Ross, the Bank of San Francisco team has consistently delivered solid performance and exceptional customer service to the San Francisco Bay Area community," added Reid.
The transaction is expected to be completed in 2010.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a national community banking company, with a network of separately chartered banks in 16 states. Founded in 1988, Capitol Bancorp Limited 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