Capitol Bancorp to Acquire Michigan S&L

LANSING, Mich. - Capitol Bancorp Ltd. of Lansing said it will acquire United Savings Bank of Farmington Hills, Mich. for stock and cash valued at $5 million.

United Savings will have to convert its federal savings bank charter to that of a commercial bank for the acquisition to be completed, said Capitol Bancorp chairman Joseph D. Reid.

The transaction requires approval by regulators and United Savings stockholders and should take six months to complete, Mr. Reid added.

Capitol Bancorp has $125 million in assets, United Savings $80 million.

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