LANSING, Mich. and PHOENIX, Aug. 2
/PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC)
announced today that it has received regulatory and shareholder
approval to consolidate Bank of Valdosta, Peoples State Bank and Sunrise Bank
of Atlanta. Effective
July 30, 2010, all three locations
began operating as Sunrise Bank.
Capitol's Chairman and CEO Joseph D.
Reid said, "To date, Capitol's consolidation strategy has
resulted in a reduction of 34 bank charters into seven. These
bank consolidations have positioned us to preserve core capital,
strengthen operational efficiencies and enhance risk management
oversight."
Leadership for the consolidated bank will be headed by
Clinton Dunn, who will serve as the
Chairman and CEO of the consolidated bank. Joining Dunn on
the executive management team are Matt
Stanaland, who will serve as President and Kay Howell, who will serve as the Market
President of Jeffersonville.
"We will continue to provide the same great service that our
customers have grown accustomed to. At Sunrise Bank, we
remain committed to supporting our local communities through
community involvement and local decisions," added Dunn.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.1 billion national community banking company
with a network of separately chartered banks in 15 states. Founded
in 1988, Capitol Bancorp Limited has executive offices in
Lansing, Michigan, and
Phoenix, Arizona.
SOURCE Capitol Bancorp Limited
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