Capitol Bancorp Announces Sale of Its Interest in Evansville Commerce Bank

Capitol Bancorp Limited (NYSE:

) announced today that it has entered into a stock redemption agreement with Evansville Commerce Bank in which Capitol will sell its majority interest in the bank. Capitol's Chairman and CEO Joseph D. Reid said, "This transaction will free additional capital that will be redirected to our affiliates still faced with the challenges of an unstable economy." The transaction is expected to be completed in 2011.