LANSING, Mich., and
PHOENIX, March 17 /PRNewswire-FirstCall/ -- Capitol
Bancorp Limited (NYSE: CBC) announced today that it has received
regulatory approval to consolidate Elkhart Community Bank and
Goshen Community Bank. Both bank locations will begin
operating as Indiana Community Bank on March
22, 2010.
Capitol's Chairman and CEO Joseph D.
Reid said, "We are pleased to complete our fourth bank
consolidation during 2010. Since announcing our consolidation
strategy a year ago, we have consolidated 29 banks into six.
The realignment of these bank resources has enabled Capitol
to preserve capital, leverage the collective strengths of the banks
and increase operational efficiencies throughout our
organization."
Leadership for the consolidated bank will be headed by
Douglas Johnston, who will serve as
the President and CEO. Joining Johnston on the executive
management team is Robert Eichorst,
who will serve as Chief Credit Officer.
"Our customers will still receive the same personal commitment
and dedication from our talented team of bankers. Indiana
Community Bank will continue to support the community through local
decisions and community involvement, as we have done for years,"
added Johnston.
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.
SOURCE Capitol Bancorp Limited