Capitol Bancorp Limited (CBCR: OTC Link) | Capitol Bancorp Completes the Divestiture of Its Interest in Indiana-based Evansville Commerce Bank

Capitol Bancorp Completes the Divestiture of Its Interest in Indiana-based Evansville Commerce Bank

Oct 11, 2011

OTC Disclosure News Service

Lansing, MI –

Capitol Bancorp Completes the Divestiture of Its Interest in

Indiana-based Evansville Commerce Bank

 

LANSING, Mich., and PHOENIX, Ariz.: October 11, 2011: Capitol Bancorp Limited (OTCQB: CBCR) announced today that it has completed the sale of its interest in Evansville Commerce Bank. 

 

Capitol’s Chairman and CEO Joseph D. Reid said, “Through the hard work of President Tom Austerman and the Evansville Commerce Bank team, the bank has established its place as a premier financial institution in the Evansville community.  We wish the bankers future success as they continue to serve the financial needs of their community.”

 

“We are pleased with the continued progress of our consolidated deleveraging initiative, which has enabled us to direct capital elsewhere in our network.  To date, the initiative has resulted in the successful divestiture of 21 banks, which represents more than $1.8 billion in assets,” added Reid.

 

At June 30, 2011, Evansville Commerce Bank had total assets of approximately $50 million.

 

About Capitol Bancorp Limited

Capitol Bancorp Limited is a national community banking company with a network of separately chartered banks in 12 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.

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The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/CBCR/news?id=36626

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