|By PR Newswire||
|December 28, 2012 05:47 PM EST||
LANSING, Mich., Dec. 28, 2012 /PRNewswire/ -- Capitol Bancorp Limited (OTCQB: CBCRQ) announced today that it has entered into a letter of intent with investors for the sale and subsequent recapitalization of Sunrise Bank of Albuquerque.
Capitol's Chairman and CEO Joseph D. Reid said, "As Capitol continues to address challenges within its affiliate network, this transition serves as a strategic opportunity to deleverage our consolidated balance sheet while enabling Sunrise Bank of Albuquerque to partner with a group possessing access to additional capital resources."
This transaction is subject to regulatory approval and expected to be completed in 2013.
About Capitol Bancorp Limited
Capitol Bancorp Limited, which was founded in 1988, is a community banking company with a network of separately chartered banks in ten states and executive offices in Lansing, Michigan.
SOURCE Capitol Bancorp Limited
- "All It Took Was One E-Mail to Larry," Says Former eBay Research Director As He Moves to Google
- Google Ramps Up Its Mobile Reach: Launches "Mobile Web Search"
- Ericsson + Napster = World's First "Wireless Digital Music" Brand
- VoIP Update: Yahoo! Buys DialPad
- Free Guest Passes for the SOA World Conference & Expo in NYC
- SYS-CON i-Technology Podcast August 30, 2005
- A Flair for Food - Health-Conscious Cooking Is This Chef's Cup Of Tea
- Sony PSP May Feature Porn
- Kapow Helps Seiko UK, Provides SMS Text-Alert Services
- Will the Mac OS Now Be Offered by Dell?