LANSING, Mich. and PHOENIX, Jan. 27 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has entered into a definitive agreement to sell its 51 percent interest in Community Bank of Lincoln, a $60.3 million affiliate, to Lincoln, Nebraska-based NHI Financial Services, LLC, led by CEO Lee R. Stuart.
Capitol's Chairman and CEO Joseph D. Reid said, "This sale will further our strategic objectives to reallocate capital and resources within our organization."
"We are pleased to have had the opportunity to support President Mary Gerdes and the Community Bank of Lincoln team during their first few years of operation," added Reid. "The bank has enjoyed early success and I am confident they will continue providing superior banking services for the people of Lincoln."
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 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