Capitol Bancorp Receives Approval to Consolidate Four Washington Banks

LANSING, Mich. and PHOENIX, Feb. 19 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has received regulatory and shareholder approval to consolidate Bank of Bellevue, Bank of Everett, Bank of Tacoma and Issaquah Community Bank.  Effective February 19, 2010, the banks will consolidate into one charter and all four locations will begin operating as Bank of the Northwest on February 22, 2010.

Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased to join our four affiliates in the Puget Sound region.  The synergies resulting from this consolidation will create new operational efficiencies and allow the bank to allocate capital more effectively."

Leadership for the consolidated bank will be headed by Thomas Giovanelli, who will serve as the Chairman, President and CEO of the consolidated bank.  Joining Giovanelli on the executive management team are Robert Ittes, who will serve as District President of King County; Michael Hansch, who will serve as Community President of Tacoma; Mal Harding, who will serve as Community President of Everett; John Williams, who will serve as Chief Credit Officer; and Annetta Mirabella, who will serve as Chief Operations Officer.  

"We are committed to ensuring that our customers are not impacted by the consolidation.  I am confident that the Bank of the Northwest will continue to exceed our customers' expectations with the same high-quality service they have grown to expect," added Giovanelli.

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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