LANSING, Mich. and PHOENIX, June 30 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced that it has completed the sale of its interest in Ohio Commerce Bank to a group of local investors.
Capitol's Chairman and CEO Joseph D. Reid said, "This transaction reinforces our strategic objective to divest select affiliates and reallocate equity capital within our network of banks. To date our divestiture campaign has yielded five consummated transactions in addition to eleven pending transactions that collectively encompass more than $1.2 billion in affiliate assets."
At March 31, 2010, Ohio Commerce Bank had total assets of approximately $70.3 million and total equity of approximately $9.6 million.
About Capitol Bancorp LimitedCapitol Bancorp Limited (NYSE: CBC) is a national community banking company with a network of separately chartered banks in 16 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona. SOURCE Capitol Bancorp Limited