Capitol Bancorp Receives Approval to Consolidate Four Washington Banks
February 19 2010 - 12:30PM
PR Newswire (US)
LANSING, Mich. and PHOENIX, Feb. 19 /PRNewswire-FirstCall/ --
Capitol Bancorp Limited (NYSE:CBC) announced today that it has
received regulatory and shareholder approval to consolidate Bank of
Bellevue, Bank of Everett, Bank of Tacoma and Issaquah Community
Bank. Effective February 19, 2010, the banks will consolidate into
one charter and all four locations will begin operating as Bank of
the Northwest on February 22, 2010. Capitol's Chairman and CEO
Joseph D. Reid said, "We are pleased to join our four affiliates in
the Puget Sound region. The synergies resulting from this
consolidation will create new operational efficiencies and allow
the bank to allocate capital more effectively." Leadership for the
consolidated bank will be headed by Thomas Giovanelli, who will
serve as the Chairman, President and CEO of the consolidated bank.
Joining Giovanelli on the executive management team are Robert
Ittes, who will serve as District President of King County; Michael
Hansch, who will serve as Community President of Tacoma; Mal
Harding, who will serve as Community President of Everett; John
Williams, who will serve as Chief Credit Officer; and Annetta
Mirabella, who will serve as Chief Operations Officer. "We are
committed to ensuring that our customers are not impacted by the
consolidation. I am confident that the Bank of the Northwest will
continue to exceed our customers' expectations with the same
high-quality service they have grown to expect," added Giovanelli.
About Capitol Bancorp Limited Capitol Bancorp Limited (NYSE:CBC) is
a $5.2 billion national community banking company with a network of
separately chartered banks in 17 states. Founded in 1988, Capitol
Bancorp Limited has executive offices in Lansing, Michigan, and
Phoenix, Arizona. DATASOURCE: Capitol Bancorp Limited CONTACT:
Analyst Contact: Michael M. Moran, Chief of Capital Markets,
+1-877-884-5662, or Media Contact: Angela Kimber, Director of
Communications, +1-517-316-0172, both of Capitol Bancorp Limited
Web Site: http://www.capitolbancorp.com/
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