Jan 2 - Capitol Bancorp Limited (OTCQB: CBCRQ) has entered into a letter of intent with investors for the sale and subsequent recapitalization of Sunrise Bank of Albuquerque.
Capitol's Chairman and CEO Joseph D. Reid said, "As Capitol continues to address challenges within its affiliate network, this transition serves as a strategic opportunity to deleverage our consolidated balance sheet while enabling Sunrise Bank of Albuquerque to partner with a group possessing access to additional capital resources."
This transaction is subject to regulatory approval and expected to be completed in 2013.
About Capitol Bancorp Limited
Capitol Bancorp Limited, which was founded in 1988, is a community banking company with a network of separately chartered banks in 10 states and executive offices in Lansing, Mich.