Capitol Bancorp Ltd. has agreed to sell its interest in Bank of Las Colinas for a second time.
The $3.2 billion-asset company said Monday that Veritex Holdings Inc. in Dallas will the $50 million-asset bank based in Irving, Texas. Capitol owns a 51% stake, with local owners holding the rest. Veritex plans to acquire all the shares of the bank in a deal expected to close this year. The price was not disclosed.
In March, the struggling Capitol said it would sell its 51% stake in the bank to Collin Bank in Frisco, Texas. Capitol, which has been selling its banks to raise capital and reduce assets, appears to have never announced that deal's dissolution. A call to the company, with dual headquarters in Lansing, Mich., and Phoenix, was not immediately returned.
Veritex is led by C. Malcolm Holland, a former Texas president for Colonial BancGroup Inc. Holland raised $45 million last year and wants to build Veritex into a $1.5 billion-asset bank. Backers include SunTx Capital Partners, a private-equity firm that owns a 24.9% stake in the company. The Bank of Las Colinas would become the bank's third acquisition.