LANSING, Mich. and PHOENIX, March
31 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory approval to
consolidate affiliates Bank of Auburn
Hills and Paragon Bank & Trust with Michigan Commerce
Bank. With this consolidation, Michigan Commerce Bank will
add two new offices to its existing state-wide presence of nine
offices across the lower peninsula of Michigan.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "Michigan Commerce Bank was
formed a year ago to serve our Michigan communities from 'coast to coast'.
The consolidation has permitted us to leverage the collective
strengths of the offices and increase operational efficiencies to
help us meet the challenges presented by the Michigan economy."
"Michigan Commerce Bank is committed to helping our local
communities with customer and community service being the hallmark
of who we are. Our Auburn Hills and Holland customers will continue to work with
their same friendly professional bankers and also have the added
convenience of banking at multiple locations throughout
Michigan," added Michigan Commerce
Bank's President and CEO John
Smythe.
Michigan Commerce Bank now has offices in Ann Arbor, Auburn
Hills, Brighton,
Clinton Township, Downtown Detroit, Farmington Hills, Grand Haven, Holland, Kentwood, Muskegon and Portage.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.1 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.
SOURCE Capitol Bancorp Limited