Capitol Bancorp To Sell Ohio Commerce Bank
December 16, 2009 (FinancialWire) — Capitol Bancorp Ltd. (NYSE: CBC) said it has entered into a stock redemption agreement with Ohio Commerce Bank to sell its 51 percent interest in the bank. Under the deal, which is subject to regulatory approval, Capitol will receive 1.4 times the bank’s book value.
Capitol CEO Joseph D. Reid said, “This transaction will allow us to prudently re-deploy capital resources into many of our demographically-diverse and growth-oriented communities, while also supporting those affiliates currently facing the challenges of a volatile economy.”
Capitol Bancorp is a national community bank company, with a network of separately chartered banks in 17 states. The company has executive offices in Lansing, Michigan, and Phoenix, Arizona.
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