Lansing-based Capitol Bancorp Limited is consolidating
two affiliate banks in southeast Michigan, increasing the efficiency of both
branches while keeping staff.
According to excerpts from the article:
Capitol Bancorp's Chairman and CEO Joseph D. Reid said, "The alignment of our talented employees and resources at the two banks will
promote greater operational efficiencies within our organization. We do not
anticipate any reduction in our staffing as a result of this transaction. This
decision is consistent with Capitol Bancorp's continuing effort to evaluate
current processes and identify new methods to enhance our existing
foundation.''
Macomb Community Bank is located in Clinton Township,
approximately 30 miles northeast of Oakland Commerce Bank in Farmington Hills.
This transaction is subject to regulatory approval and estimated to be
completed in the third quarter of 2008.
Capitol Bancorp Limited (NYSE:CBC - News) is a $5.1
billion national community bank development company, with a network of 62
separately chartered banks in 17 states. It is the holder of the most
individual bank charters in the country.
Read the entire article here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.