/PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has received regulatory and shareholder approval to consolidate Bank of
, Peoples State Bank and Sunrise Bank of
July 30, 2010
, all three locations began operating as Sunrise Bank.
Capitol's Chairman and CEO
Joseph D. Reid
said, "To date, Capitol's consolidation strategy has resulted in a reduction of 34 bank charters into seven. These bank consolidations have positioned us to preserve core capital, strengthen operational efficiencies and enhance risk management oversight."
Leadership for the consolidated bank will be headed by
, who will serve as the Chairman and CEO of the consolidated bank. Joining Dunn on the executive management team are
, who will serve as President and
, who will serve as the Market President of
"We will continue to provide the same great service that our customers have grown accustomed to. At Sunrise Bank, we remain committed to supporting our local communities through community involvement and local decisions," added Dunn.
About Capitol Bancorp Limited
Capitol Bancorp Limited
(NYSE: CBC) is a
national community banking company with a network of separately chartered banks in 15 states. Founded in 1988, Capitol Bancorp Limited has executive offices in
SOURCE Capitol Bancorp Limited