Capitol Bancorp Receives Approval to Consolidate Two Indiana Banks

LANSING, Mich., and PHOENIX, March 17 /PRNewswire-FirstCall/ -- Capitol Bancorp Limited (NYSE: CBC) announced today that it has received regulatory approval to consolidate Elkhart Community Bank and Goshen Community Bank.  Both bank locations will begin operating as Indiana Community Bank on March 22, 2010.

Capitol's Chairman and CEO Joseph D. Reid said, "We are pleased to complete our fourth bank consolidation during 2010.  Since announcing our consolidation strategy a year ago, we have consolidated 29 banks into six.  The realignment of these bank resources has enabled Capitol to preserve capital, leverage the collective strengths of the banks and increase operational efficiencies throughout our organization."

Leadership for the consolidated bank will be headed by Douglas Johnston, who will serve as the President and CEO.  Joining Johnston on the executive management team is Robert Eichorst, who will serve as Chief Credit Officer.  

"Our customers will still receive the same personal commitment and dedication from our talented team of bankers.  Indiana Community Bank will continue to support the community through local decisions and community involvement, as we have done for years," added Johnston.

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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