LANSING, Mich. and PHOENIX, Ariz., Oct. 10, 2007 (PRIME NEWSWIRE) -- Capitol Bancorp Limited (NYSE:CBC), a $4.4 billion national community bank development company, announced today the opening of its 56th individually chartered community bank, Loveland Bank of Commerce, located in the Loveland area of northern Colorado.
Leading Loveland Bank of Commerce as President is John Busby who has 30 years of banking expertise in northern Colorado. Loveland Bank of Commerce is CBC's third bank in Colorado since its 2005 entry into the state. This bank opening follows CBC's bank model success with its first two Colorado-based banks, Fort Collins Commerce Bank and Larimer Bank of Commerce.
Including Loveland Bank of Commerce, Capitol Bancorp has opened seven de novo community banks in 2007 and currently has applications pending for 12 de novo banks in eight states. Last month, Capitol Bancorp announced the opening of its 55th community bank, High Desert Bank, the company's first bank in Oregon.
"Capitol Bancorp's expansion into the Colorado market is part of our national growth strategy to enhance geographic diversification," said Capitol Bancorp Chairman and CEO Joseph D. Reid. "Loveland Bank of Commerce is being led by an experienced, local banking team and is positioned in a growing market. We believe that this combination has set the stage for a successful operation."
Loveland Bank of Commerce will be servicing a full suite of products and services for Loveland local small business owners, commercial real estate owners and entrepreneurs.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE:CBC) is a $4.4 billion national community bank development company, with a network of 56 separately chartered banks and bank operations in 16 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.