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Capitol Bancorp Sells Yuma Community Bank

mergers_acquisitions_225px-w_bwMay 6, 2009 (FinancialWire) — Capitol Bancorp Ltd. (NYSE: CBC) (Current Market Cap: US$67.95 Mil.) has entered into a definitive agreement to sell Yuma Community Bank to The Foothills Bank, a Yuma, Arizona-based community bank, for around $10.5 million in cash.

The company said that the sale of Yuma Community will serve to facilitate Capitol’s efforts to “better allocate capital and resources within the organization.”

Company CEO Joseph D. Reid said that Capitol had historically focused on the development and retention of community banks in multiple markets across the United States. He added that Capitol “did not seek a sale of this institution, but were approached by The Foothills Bank with what we feel is a beneficial transaction for our corporation.”

Capitol Bancorp currently owns 10 affiliate banks in Arizona, representing the largest concentration of banking assets within the corporation’s network outside the Great Lakes Region.

Yuma Community Bank was part of Capitol Bancorp’s initial entry into Arizona. The transaction, which is subject to regulatory approval, is scheduled to be completed sometime during the second half of 2009.

Lansing, Michigan-based Capitol Bancorp is a national community banking company, with a network of separately chartered banks in 17 states.

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