LANSING, Mich. and PHOENIX, Dec. 13,
2010 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited
(NYSE: CBC) announced today that it has completed the sale of
Southern Arizona Community Bank to Grandpoint Capital, Inc.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "This sale is a significant
step in our widely publicized strategic divestitures initiative.
We have completed 13 transactions since announcing our
initiative, which has enabled Capitol to reallocate equity capital
among our affiliates."
At September 30, 2010, Southern
Arizona Community Bank had total assets of approximately
$92.6 million. The sale of the
main office of Bank of Tucson to
Grandpoint Capital, Inc., which was announced in August along with
the sale of Southern Arizona Community Bank, is expected to be
completed in the first quarter of 2011.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $4.2 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.
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