LANSING, Mich. and PHOENIX, March 31, 2011 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sale of its interest in Bank of Fort Bend to a group of local investors.
Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased to have had the opportunity to support President Bruce Mercer and the entire bank team during the last three years. The Bank of Fort Bend team has made significant contributions in developing a positive and meaningful presence in their local community, and we wish them all continued success in the future."
"Capitol remains focused on enhancing the capital ratios throughout its network of affiliate banks. Equity capital resulting from this transaction will be redirected to those affiliates in need of additional capital support," commented Reid.
At December 31, 2010, Bank of Fort Bend had total assets of approximately $35 million.
About Capitol Bancorp Limited
Capitol Bancorp Limited 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.
SOURCE Capitol Bancorp Limited