LANSING, Mich. and PHOENIX, Oct. 26 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE :CBC ) announced today that it has entered into a stock redemption agreement with Evansville Commerce Bank in which Capitol will sell its majority interest in the bank.
Capitol's Chairman and CEO Joseph D. Reid said, "This transaction will free additional capital that will be redirected to our affiliates still faced with the challenges of an unstable economy."
"We are pleased to have supported the Evansville Commerce Bank team under the leadership of President Thomas Austerman to establish the bank in 2006. Evansville Commerce Bank has worked diligently since its founding to create a positive market presence in the Evansville community," commented Reid.
The transaction is expected to be completed in 2011.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE :CBC ) is a $4.7 billion national community banking company, with a network of bank operations in 14 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan and Phoenix, Arizona.
Forward Looking Statement
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SOURCE Capitol Bancorp Limited