LANSING, Mich. and PHOENIX, Dec. 13, 2010 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has completed the sale of Southern Arizona Community Bank to Grandpoint Capital, Inc.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "This sale is a significant step in our widely publicized strategic divestitures initiative. We have completed 13 transactions since announcing our initiative, which has enabled Capitol to reallocate equity capital among our affiliates."
At September 30, 2010, Southern Arizona Community Bank had total assets of approximately $92.6 million. The sale of the main office of Bank of Tucson to Grandpoint Capital, Inc., which was announced in August along with the sale of Southern Arizona Community Bank, is expected to be completed in the first quarter of 2011.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $4.2 billion national community banking company with a network of bank operations in 14 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