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
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