LANSING, Mich. and PHOENIX, Jan. 11 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has entered into a stock redemption agreement with Adams Dairy Bank to sell its 51 percent interest in the bank, subject to regulatory approval.
Capitol's Chairman and CEO Joseph D. Reid said, "This bank sale supports our ongoing strategy to harness resources and preserve capital as we continue to address the current economic environment."
"We are pleased to have partnered with local organizers to launch Adams Dairy Bank in 2008 and to have assisted the team of bankers to construct a bank focused on serving the financial needs of the local community," added Reid.
The transaction is expected to be completed in 2010.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.4 billion national community banking company, with a network of separately chartered banks in 17 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