Capitol Bancorp Ltd. continues to reshape its organization, this time in Georgia.

The $5.1 billion-asset company announced Monday that it has received regulatory approval to consolidate two of its banks — Bank of Valdosta and Peoples State Bank — in its Sunrise Bank of Atlanta. Collectively, the three banks have $136 million of assets.

The company, which has dual headquarters in Lansing, Mich., and Phoenix, has spent the past 16 months selling some bank units and consolidating others. According to a press release, it has consolidated 34 bank charters into seven. It has also announced 14 bank divestitures. Last week, it said it had closed the sale of its Bank of Lincoln in Nebraska.

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