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Capitol Bancorp Ltd. in Lansing, Mich., announced Monday that it has a deal to sell its 51% stake in Adams Dairy Bank in Blue Springs, Mo., to the bank's board of directors.
January 11 -
The selling spree at Capitol Bancorp continues. The company announced Thursday that it has a definitive agreement to sell Mountain View Bank of Commerce in Colorado ...
December 17 -
Capitol Bancorp Ltd. has spent years expanding into growth markets to offset the sputtering Michigan economy. But now Capitol, sputtering itself, is practically dumping its home state.
July 23 -
The wounded Capitol Bancorp Ltd. is continuing its bank sell-off.
July 17 -
Capitol Bancorp Ltd. plans to divest itself of the Bank of Santa Barbara to an investor group led by California banker Eloy Ortega in an effort to strengthen Capitol's equity and core capital ratios.
July 13 -
Just a few weeks after announcing plans to sell some of its subsidiary banks, Capitol Bancorp Ltd. has its first suitor.
May 7 -
A few weeks after announcing plans to sell some subsidiary banks, Capitol Bancorp Ltd. has its first suitor.
May 7
Capitol Bancorp Ltd. continued its selling spree, on Friday announcing its 10th deal since May.
The $5.4 billion-asset multibank holding company announced that it had made a stock redemption agreement with the $44 million-asset Bank of Las Colinas in Irving, Texas, to sell its 51% interest to the local bank investors for an undisclosed price.
Bank of Las Colinas was chartered in December 2007 at the height of Capitol's push to open banks in fast-growing areas. At the time, its model called for 49% of the bank to be owned by local investors and management, with the understanding that Capitol would buy out their interest after about three years.
However, credit losses, primarily in the company's Michigan and Arizona banks, prompted Capitol to alter that model in late 2008 in order to preserve capital.
In April the company, which has dual headquarters in Lansing, Mich., and Phoenix, hired KBW Inc.'s Keefe, Bruyette & Woods Inc. to help it identify divestiture targets among the 53 banks it owned.
Last week the company announced the sale of its 51% stake in the $45 million-asset Adams Dairy Bank in Blue Springs, Mo. Of the 10 deals announced in the past year, two have closed, and one was terminated.
According to the Federal Deposit Insurance Corp., the Bank of Las Colinas had no noncurrent loans as of Sept. 30 and was in excess of the minimum requirements for well-capitalized institutions.
