LANSING, Mich., July 31, 2012 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sales of its interests in the $90 million Bank of Michigan and the $76 million First Carolina State Bank to separate investor groups in each respective market.
Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased to have supported both Bank of Michigan, under the leadership of President and CEO Mike Sarafa, and Interim President and CEO Bill Griffith and the First Carolina State Bank team. We expect both banks to retain their focus and high-quality service within their local community, and wish both banking teams continued success in the future."
"The market's favorable response to our strategic divestitures initiative, which has resulted in the sale of 24 banks encompassing more than $2.1 billion in assets, continues to enable us to efficiently re-allocate equity capital to support our network of community banks," added Reid.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a $2.1 billion national community banking company, with a network of banks in 10 states. Founded in 1988, Capitol's executive offices are located in Lansing, Michigan.
SOURCE Capitol Bancorp Limited