LANSING, Mich., and PHOENIX, Sept. 28 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has completed the sale of its 51 percent interest in Bank of San Francisco.
Capitol's Chairman and CEO Joseph D. Reid said, "This transaction furthers our strategic initiative to divest select affiliates, enabling Capitol to reallocate equity capital to those affiliates still challenged by the economy."
"The ability to raise the requisite capital to acquire Capitol's interest in a short amount of time is a testament to the bank's relationships and standing in the San Francisco Bay community, as well as the leadership of President and CEO Ed Obuchowski and Executive Vice President Wendy Ross. We wish the Bank of San Francisco team all the best going forward," added Reid.
At June 30, 2010, Bank of San Francisco had total assets of approximately $96.3 million.About Capitol Bancorp Limited Capitol Bancorp Limited (NYSE: CBC) is a $4.7 billion national community banking company, with a network of bank operations in 14 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan and Phoenix, Arizona. SOURCE Capitol Bancorp Limited