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Capitol Bancorp (CBCRQ) in Lansing, Mich., has reached a tentative agreement to sell its Sunrise Bank of Albuquerque to a group of unnamed investors.
December 31 -
Capitol Bancorp (CBCRQ) has been fighting for survival for a few years now, but the next month might prove to be its toughest battle.
November 15 -
Capitol Bancorp had to postpone a bankruptcy hearing because, it says, the Federal Deposit Insurance Corp. repeatedly blocked it from paying the due-diligence costs of its new investors.
December 6 -
The Lansing, Mich., company has a confirmation hearing on Dec. 4. A delay could prove costly to Capitol's survival; the state regulator has threatened to seize the company's bank in New Mexico on Dec. 20.
November 16
Capitol Bancorp (CBCRQ) in Lansing, Mich., has moved a step closer to selling a troubled unit in New Mexico.
The $1.8 billion-asset Capitol has entered into a binding sales agreement with Weststar Bancorp for the sale and recapitalization of its $51.5 million-asset Sunrise Bank of Albuquerque, according to a regulatory filing Friday.
In late December Capitol said it had
Capitol named Weststar as the seller in its filing Friday and said the buyer "expects to finalize an escrow arrangement for this transaction ... before Feb. 8." The deal is scheduled to close this year.
Weststar is applying to become a bank holding company through the acquisition of Sunrise, the Federal Reserve said in a Jan. 26 publication.
New Mexico's bank regulator in September ordered Sunrise to
A failure of any of Capitol's dozen banks, most of which are significantly undercapitalized, could be disastrous to all of them given the Federal Deposit Insurance Corp.'s authority to assess the cost of failure of related survivors.
Meanwhile, Capitol has been trying