LANSING, Mich., and PHOENIX, Nov. 19, 2010 /PRNewswire-FirstCall/ --Capitol Bancorp Limited (NYSE: CBC) announced today that it has entered into a definitive agreement to sell Community Bank of Rowan to Piedmont Community Bank Holdings, Inc. in Raleigh, North Carolina, led by long-time banker Scott Custer.
"The opportunity to partner Community Bank of Rowan with a local group of bankers is welcomed by Capitol. The sale will support our ongoing effort to redeploy capital to our affiliate banks," said Capitol's Chairman and CEO Joseph D. Reid.
"We are pleased to have supported President & CEO Bruce Jones and the Community Bank of Rowan team to launch their bank. The bank has established a solid banking platform in its community and I am confident the bank will continue to expand upon its presence in Rowan County," added Reid.
The transaction, which is subject to regulatory approval, is expected to be completed in 2011.About Capitol Bancorp Limited Capitol Bancorp Limited (NYSE: CBC) is a 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. Forward Looking Statement Certain statements in this announcement contain forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.