LANSING, Mich. and PHOENIX, April 30, 2008 (PRIME NEWSWIRE) -- Capitol Bancorp Limited (NYSE:CBC), a $5.1 billion national community bank development company, announced today that it plans to consolidate two affiliate banks, Oakland Commerce Bank and Macomb Community Bank. The two southeast Michigan banks will join and operate as one.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "The alignment of our talented employees and resources at the two banks will promote greater operational efficiencies within our organization. We do not anticipate any reduction in our staffing as a result of this transaction. This decision is consistent with Capitol Bancorp's continuing effort to evaluate current processes and identify new methods to enhance our existing foundation."
Macomb Community Bank is located in Clinton Township, approximately 30 miles northeast of Oakland Commerce Bank in Farmington Hills. This transaction is subject to regulatory approval and estimated to be completed in the third quarter of 2008.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE:CBC) is a $5.1 billion national community bank development company, with a network of 62 separately chartered banks in 17 states. It is the holder of the most individual bank charters in the country. Capitol Bancorp Limited identifies opportunities for the development of new community banks, raises capital for and mentors new community banks through their formative stages and provides efficient services to its growing network of community banks. Each community bank has full local decision-making authority and is managed by an on-site president under the direction of a local board of directors, composed of business leaders from the bank's community. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
Forward Looking Statement
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