With agreements in place for the divestiture of three more banks, Capitol Bancorp Ltd. is leaving Colorado.
The $5.1 billion-asset company, with dual headquarters in Lansing, Mich., and Phoenix, announced Friday that it had entered into stock redemption agreements with the local owners of Fort Collins Commerce Bank, Larimer Bank of Commerce and Loveland Bank of Commerce.
The local investors agreed to buy Capitol's 51% ownership in each of the bank, which collectively have assets of $224 million.
In December, the company announced it was selling Mountain View Bank of Commerce.
All four deals mark the end of Capitol's foray into Colorado, one of the markets it entered in the early 1990s to offset the slow growth anticipated in Michigan.
Capitol has announced 16 deals for its bank units in the past year in an effort to cut expenses and build capital. It also has merged several of its banks across the country.