LANSING, Mich., and PHOENIX, Jan. 21 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has received regulatory approval to consolidate Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank. Effective January 29, 2010, the banks will consolidate into one charter, Bank of Las Vegas, and all four locations will begin operating as Bank of Las Vegas on February 1, 2010.
Capitol's Chairman and CEO Joseph D. Reid said, "The formation of a single entity furthers our strategy to conserve capital and increase operational efficiencies in the state of Nevada. We will leverage the collective strengths of the four banks to continue building on their existing foundations, help mitigate credit and operational risks, and establish advanced methods to improve processes, without disrupting our customers."
Leadership for the consolidated bank will be headed by Thomas Mangione, who will serve as the Chairman and CEO. Joining Mangione on the executive management team are Peter Atkinson, who will serve as President; James Howard, who will serve as President of East Las Vegas/Chief Operating Officer; and Vincent Ciminise, who will serve as President of South Las Vegas.
"We are confident that our customers will not notice any change in the quality customer service and community commitment they have grown to expect at each bank location," said Mangione. "I have the utmost confidence that our existing team of bankers will continue to exceed our customers' expectations."
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.4 billion 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.
SOURCE Capitol Bancorp Limited