Capitol Bancorp Announces the Sale of California-based Sunrise Bank
Jun 09, 2011, 12:00 ET
LANSING, Mich. and PHOENIX, June 9, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has entered into a definitive agreement pursuant to which all of the outstanding shares of Sunrise Bank, which is majority owned by Capitol and certain of its affiliates, will be acquired by way of an all-cash merger by an affiliate of AmericanWest Bank, led by Chairman and CEO Scott Kisting.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "We continue to advance our equity reallocation initiative through divestitures to improve the capital positions at our affiliate banks that face continued economic pressures."
Earlier this year, Capitol announced the sale of its other California affiliate, Bank of Feather River. The completion of both transactions, following earlier consummated divestitures of three other California-based affiliates, will comprise Capitol's exit from the California market and divestiture of the remaining approximate $273 million of its assets within the State.
"Capitol has enjoyed working with Sunrise Bank President and CEO Scott Andrews and the entire banking team to establish a significant presence in southern California. We are pleased to partner Sunrise Bank with a financial institution committed to similar community banking principles," said Reid.
The transaction, which is subject to the receipt of requisite regulatory and shareholder approvals, 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 in 14 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.
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
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