Capitol Bancorp Agrees to Sell Remaining Affiliates to Talmer Bancorp
Capitol Bancorp announced that it entered into a stock purchase agreement to sell the common stock of its remaining consolidated entities, Bank of Las Vegas, Indiana Community Bank, Michigan Commerce Bank and Sunrise Bank of Albuquerque, to Talmer Bancorp.
Capitol Chairman and CEO Joseph D. Reid said, “We are pleased to provide the banks with a strategic partner that has the resources and capital to support the banks’ long-term success. This transaction presents significant opportunities for the banks, and their employees and customers. The Talmer organization is community oriented and committed to continuing to build upon the banks’ existing operations and refocus on growth in their respective markets. I am confident that the banks will continue their strong tradition of high standards of performance, service and commitment to the communities that they serve for many years to come.”
The sale is expected to close under §363 of the U.S. Bankruptcy Code, and is subject to regulatory approval, and the terms and conditions contained in the stock purchase agreement.