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.
All forward-looking statements speak only as of the date of this
press release. All subsequent written and oral forward-looking
statements attributable to the company or any person acting on the
Corporation's behalf are qualified by the cautionary statements in
this press release. The Corporation does not undertake any
obligation to update or publicly release any revisions to
forward-looking statements to reflect events, circumstances or
changes in expectations after the date of this press release.
SOURCE Capitol Bancorp Limited