Capitol Bancorp Announces the Planned Sale of North Carolina-Based Community Bank of Rowan

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Cains Beer	LSE:CBC	London	Ordinary Share	GB0001579738	ORD 1P

Share Name

Share Symbol

Market

Type

Share ISIN

Share Description

Cains Beer

LSE:CBC

London

Ordinary Share

GB0001579738

ORD 1P

Price Change

% Change

Share Price

Bid Price

Offer Price

High Price

Low Price

Open Price

Shares Traded

Last Trade

0.00

0.00%

3.00

0.00

01:00:00

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Industry Sector

Turnover

Profit

EPS - Basic

PE Ratio

Market Cap

N/A

Capitol Bancorp Announces the Planned Sale of North Carolina-Based Community Bank of Rowan

16/07/2009 1:53pm

PR Newswire (US)

Cains Beer (LSE:CBC)
Historical Stock Chart

From May 2019 to May 2024

LANSING, Mich. and PHOENIX, July 16 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE:CBC), announced today that it has entered into a definitive agreement to sell Community Bank of Rowan, a $147 million affiliate in North Carolina, to First American Financial Management Company, based in Charlotte, North Carolina, for total cash consideration approximating 1.5 times the tangible common equity of the Bank. "This proposed sale is yet another opportunity for Capitol to partner an affiliate with a local organization committed to community banking, and to support Capitol's efforts to harvest capital and enhance balance sheet strength," said Capitol Chairman and CEO Joseph D. Reid. "It has been rewarding to work with President & CEO Bruce Jones and the entire Community Bank of Rowan team to establish their Bank. The Bank has enjoyed a successful beginning, and I am confident that the team will continue to deliver the best in personalized banking service to their community," added Reid. The transaction, which is subject to regulatory approval, is expected to be completed sometime during the second half of 2009. It is anticipated that Capitol will continue to provide certain back-office support functions to Community Bank of Rowan after the transaction is consummated. About Capitol Bancorp Limited Capitol Bancorp Limited (NYSE:CBC) is a $5.8 billion national community banking 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. About Community Bank of Rowan Community Bank of Rowan, founded in 2006, is a full-service bank specializing in providing a complete array of financial products for small and mid-size businesses, professionals and entrepreneurs throughout the Rowan County area. The bank has offices in Salisbury at 322 E. Innes St. and China Grove at 313 E. Centerview St. Forward Looking Statement Certain statements in this announcement contain forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the Corporation's behalf are qualified by the cautionary statements in this press release. The Corporation does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release. DATASOURCE: Capitol Bancorp Limited CONTACT: Analyst: Michael M. Moran, Chief of Capital Markets, +1-877-884-5662; Media: Stephanie Swan, Director of Shareholder Services, +1-517-487-6555, both of Capitol Bancorp Limited Web Site: http://www.capitolbancorp.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

CBC Cains Beer