LANSING, Mich. and PHOENIX, Nov. 1, 2010 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has completed the sale of its 51 percent interests in three Colorado-based banks, Fort Collins Commerce Bank, Larimer Bank of Commerce and Loveland Bank of Commerce.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "We are pleased to complete this transaction, which advances our well-publicized initiative to deleverage our consolidated balance sheet and redistribute capital within our multi-state network of community banks."
"Under the leadership of Fort Collins Commerce Bank President and CEO Gerard Nalezny, who also oversees the Loveland Bank of Commerce team, and Larimer Bank of Commerce President and CEO Mark Kross, the banks have developed a strong presence in the Colorado market through their delivery of exceptional customer service. We wish the banks success as they continue to build their current operations," commented Reid.
At September 30, 2010, the three banks had total assets of approximately $244 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