LANSING, Mich. and PHOENIX, Dec. 14 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited announced today that it has received regulatory and shareholder approval to consolidate six affiliate banks in Arizona. Effective December 14, Arrowhead Community Bank, Asian Bank of Arizona, Camelback Community Bank, Colonia Bank, Mesa Bank and Sunrise Bank of Arizona will consolidate and will operate as Sunrise Bank of Arizona.
Capitol's Chairman and CEO Joseph D. Reid said, "The reformation of Sunrise Bank of Arizona furthers our strategy to preserve core capital and enhance balance sheet strength. This merger of resources will improve operational efficiencies and strengthen risk management practices."John S. Lewis will serve as the Chairman, President and CEO. Lewis most recently served as Capitol's President of Bank Performance. Joining him on the executive management team are Gail Grace, who will serve as President of Commercial Lending, Douglas White, who will serve as Chief Operating Officer and James Klussman, who will serve as Chief Credit Officer.
"Our customers will continue to have access to local bankers. There will be no changes in the quality customer service and community commitment which our customers have come to expect at each bank office," said Lewis.
About Capitol Bancorp LimitedCapitol Bancorp Limited is a $5.4 billion national bank holding company, with separately chartered banks in 17 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
Capitol Bancorp Limited
CONTACT: Analysts: Michael M. Moran, Chief of Capital Markets,
+1-877-884-5662; or Media: Angela Kimber, Director of Communications,
+1-517-316-0172
Web Site: http://www.capitolbancorp.com/
