Michigan Commerce Bank Consolidation
March 31 2009 - 12:32PM
PR Newswire (US)
LANSING, Mich., and PHOENIX, March 31 /PRNewswire-FirstCall/ --
Capitol Bancorp Limited (NYSE:CBC), announced today that eight of
its wholly owned bank affiliates will be consolidated into its
largest bank affiliate, Ann Arbor Commerce Bank. The consolidated
bank has been renamed Michigan Commerce Bank to reflect its
state-wide operations. Capitol Bancorp's Chairman and CEO Joseph D.
Reid said, "Michigan Commerce Bank has been formed to serve our
Michigan communities from 'coast to coast'. The formation of a
single entity highlights our strategy to conserve capital and
increase operational efficiencies in the state of Michigan. This
strategic action allows us to realign our resources and leverage
the collective strengths of the nine banks, while creating more
opportunities for the banks' customers. This new structure will
allow us to meet the challenges presented by the Michigan economy
without disrupting our customers." The nine bank group, which will
operate as Michigan Commerce Bank, includes Brighton Commerce Bank,
Detroit Commerce Bank, Grand Haven Bank, Kent Commerce Bank, Macomb
Community Bank, Muskegon Commerce Bank, Oakland Commerce Bank,
Portage Commerce Bank as well as Ann Arbor Commerce Bank. About
Capitol Bancorp Limited Capitol Bancorp Limited (NYSE:CBC) is a
$5.7 billion national community bank development company, with a
network of separately chartered banks in 17 states. It is the
holder of the most individual bank charters in the country. Founded
in 1988, Capitol Bancorp Limited has executive offices in Lansing,
Michigan, and Phoenix, Arizona. DATASOURCE: Capitol Bancorp Limited
CONTACT: Analyst, Michael M. Moran, Chief of Capital Markets,
+1-877-884-5662, or Media, Angela Kimber, Director of
Communications, +1-517-316-0172, both of Capitol Bancorp Limited
Web Site: http://www.capitolbancorp.com/
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