LANSING, Mich., and PHOENIX, Aug. 16, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has entered into a definitive agreement to sell its 51 percent interest in Mountain View Bank of Commerce to Lincoln, Nebraska-based NBC Bancshares, led by CEO Lee R. Stuart.
Capitol's Chairman and CEO Joseph D. Reid said, "Capitol remains focused on reallocating equity capital across our network of affiliate banks through bank divestiture efforts."
"We are pleased to have partnered with the Mountain View Bank of Commerce team to establish the bank in the Westminster market. We wish President Andy Ellison and his team continued success as they move into the future," added Reid.
The completion of this transaction, coupled with the 2010 divestitures of Fort Collins Commerce Bank, Larimer Bank of Commerce and Loveland Bank of Commerce, will constitute Capitol's exit from the Colorado market and the divestiture of nearly $300 million of assets within the state.
The transaction, which is subject to regulatory approval, 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 in 13 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