Capitol Bancorp Ltd. said Thursday it plans to sell a North Carolina affiliate to a local group, continuing a campaign to raise capital and reduce its debt.

It's the third such deal for the lender this week. Capitol has executive offices in Michigan and Arizona, two regions especially hard hit by the economic downturn. The community banking company has a network of separately chartered banks in 17 states.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.