LANSING, Mich. and PHOENIX, May 5, 2008 (PRIME NEWSWIRE) -- Capitol Bancorp Limited (NYSE:CBC), a national bank development company, announced today the opening of its 10th individually chartered community bank in Arizona, Colonia Bank, located in Phoenix.
Including today's announcement, Capitol Bancorp has opened three de novo community banks in 2008 and currently has applications pending for five de novo banks in four states. Earlier this year Capitol Bancorp also announced a joint venture that will result in a 51 percent ownership of Forethought Federal Savings Bank, an industry leader in providing trust-related, preneed funeral planning products and services.
"Capitol Bancorp continues its national bank development plans to create balanced asset distribution throughout the regions of the United States and to geographically diversify the Corporation to further support its foundation," said Chairman and CEO Joseph D. Reid. "Colonia Bank will help serve the growing Phoenix community through its talented, experienced, local board of directors and staff."
Capitol Bancorp opened its first Arizona bank, Bank of Tucson, in 1996. As with its other nine banks in Arizona, Colonia Bank will provide a full suite of products and services for the bank's core audience of small business owners, commercial real estate owners and entrepreneurs with an emphasis on the Hispanic and multicultural community.
Leading Colonia Bank as President is Gilbert Jimenez. Jimenez, a native of Arizona, has more than 30 years of commercial, corporate and international banking experience holding executive banking positions in several U.S. cities and globally in Mexico City, London and Hong Kong. Most recently, he served as the Director of the Arizona Department of Commerce. He maintains civic affiliations with Thunderbird: School of International Management, Chicanos por la Causa and the Arizona State University Alumni Board.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE:CBC) is a $5.1 billion national community bank development company, with a network of 63 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.