Capitol Bancorp Receives Approval to Consolidate Four California Banks

LANSING, Mich. and PHOENIX, March 2 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has received regulatory and shareholder approval to consolidate Bank of Escondido, Point Loma Community Bank, Sunrise Bank of San Diego and Sunrise Community Bank.  Effective March 5, 2010, the banks will consolidate into one charter and all four locations will begin operating as Sunrise Bank on March 8, 2010.

Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased to partner these four banks.  This consolidation is part of Capitol's strategic initiative to realign resources, create additional operational efficiencies and enhance balance sheet strength among select affiliates."

Leadership for the consolidated bank will be headed by Scott Andrews, who will serve as the Chairman and CEO of the consolidated bank.  Joining Andrews on the executive management team are Mike Peters, who will serve as President; Tony Calabrese, who will serve as Point Loma Regional President; Randy Cundiff, who will serve as San Diego Regional President; Stu Bailey, who will serve as Palm Desert Regional President; Gary Weitner, who will serve as Chief Credit Officer; and Millie McKibbin, who will serve as Chief Operations Officer.  

"We are excited about the strength and convenience of our consolidated bank where customers can expect to see the same friendly bankers at our four locations.  Sunrise Bank is well-capitalized and will continue to support the communities we serve through community involvement and lending, as we have done for years," added Andrews.

About Capitol Bancorp Limited

Capitol Bancorp Limited (NYSE: CBC) is a $5.2 billion national community banking company with a network of separately chartered banks in 17 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.

SOURCE Capitol Bancorp Limited

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