Capitol Bancorp Receives Approval to Consolidate Four California Banks
March 02 2010 - 10:30AM
PR Newswire (US)
LANSING, Mich. and PHOENIX, March 2 /PRNewswire-FirstCall/ --
Capitol Bancorp Limited announced today that it has received
regulatory and shareholder approval to consolidate Bank of
Escondido, Point Loma Community Bank, Sunrise Bank of San Diego and
Sunrise Community Bank. Effective March 5, 2010, the banks will
consolidate into one charter and all four locations will begin
operating as Sunrise Bank on March 8, 2010. Capitol's Chairman and
CEO Joseph D. Reid said, "We are pleased to partner these four
banks. This consolidation is part of Capitol's strategic initiative
to realign resources, create additional operational efficiencies
and enhance balance sheet strength among select affiliates."
Leadership for the consolidated bank will be headed by Scott
Andrews, who will serve as the Chairman and CEO of the consolidated
bank. Joining Andrews on the executive management team are Mike
Peters, who will serve as President; Tony Calabrese, who will serve
as Point Loma Regional President; Randy Cundiff, who will serve as
San Diego Regional President; Stu Bailey, who will serve as Palm
Desert Regional President; Gary Weitner, who will serve as Chief
Credit Officer; and Millie McKibbin, who will serve as Chief
Operations Officer. "We are excited about the strength and
convenience of our consolidated bank where customers can expect to
see the same friendly bankers at our four locations. Sunrise Bank
is well-capitalized and will continue to support the communities we
serve through community involvement and lending, as we have done
for years," added Andrews. About Capitol Bancorp Limited Capitol
Bancorp Limited 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, 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/
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