Capitol Bancorp Announces Divestiture and Recapitalization of 1st Commerce Bank

Capitol Bancorp Limited (NYSE:

) announced today that it has entered into a definitive sales agreement with investors for the sale and subsequent recapitalization of 1st Commerce Bank. Capitol's Chairman and CEO Joseph D. Reid said, "This transaction addresses one of our key strategic initiatives by further deleveraging our consolidated balance sheet." Jason A. Awad, a veteran Nevada businessman with deep roots in the greater Las Vegas community, has executed a definitive agreement that will acquire 100% ownership of 1st Commerce Bank. As of June 30, 2010, 1st Commerce Bank had approximately $45 million in total assets, $30 million in total loans and reported a loss of approximately $1.2 million through the first six months of 2010.