This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Grandpoint Capital, Inc., Announces Plans To Acquire Tucson, Arizona Banks From Capitol Bancorp Limited

Grandpoint Capital, Inc., and Capitol Bancorp Limited (NYSE: CBC) jointly announced today the planned sale of Capitol's Tucson operations involving Bank of Tucson and Southern Arizona Community Bank to Grandpoint Capital, Inc.

The transaction will be structured as a whole-bank purchase of the single-office, $99.4 million Southern Arizona Community Bank, which is expected to generate aggregate cash proceeds for Capitol in excess of $11 million, simultaneous with a traditional purchase-and-assumption transaction for the main office operations of the Bank of Tucson. As part of the transaction, Grandpoint Capital will purchase some Bank of Tucson loans. The consolidated operations, with total assets of approximately $270 million, will conduct business under the Bank of Tucson name.

The transaction, which is subject to regulatory approval, is expected to be completed in 2010. At completion, Grandpoint Capital will have an ownership interest in the bank of approximately 80 percent with the balance held by a group of local Arizona investors.

“Grandpoint Capital's strategy is to build strong banks around strong management in markets where we can make a difference,” said Don M. Griffith, chairman and chief executive officer of Grandpoint Capital. “This acquisition is an opportunity to build on a well established banking platform in a market we believe has tremendous long-term value. We'll do that by combining our capital with the outstanding talent and experience of the local management team, led by Bank of Tucson President and CEO Mike Hannley, who will serve in the same capacity for the new, combined operation.”

Hannley, who partnered with Capitol Bancorp to launch Bank of Tucson in 1996, is a 38-year banking veteran. Southern Arizona Community Bank President and CEO John P. Lewis will serve as vice chair of the consolidated organization. Lewis has been in banking since 1966 and was recruited by Capitol Bancorp in 1998 to start Southern Arizona Community Bank. He was appointed last year to serve on the FDIC's 14-member Advisory Committee on Community Banking.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs