Capitol Bancorp Ltd. has struck another deal to sell one of its affiliate banks.
The $5.1 billion-asset company, which has dual headquarters in Lansing, Mich., and Phoenix, said the agreement is with the local shareholders of its $95 million-asset Bank of San Francisco, which it chartered in 2005.
The deal was announced Thursday and is expected to close this year.
Capitol Bancorp did not disclose the price.
It is Capitol's 14th divestiture announcement since April 2009, when it began looking for ways to improve its capital and operations.
"This sale will provide Capitol with access to new capital to support our ongoing strategic initiatives to enhance balance sheet strength and support those affiliates currently impacted by challenging economic conditions," Joseph D. Reid, Capitol's chairman and chief executive, said in a press release.
