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
Copyright . 28 PR Newswire