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A court deadline this week and the failure of two of Capitol's banks last week have added to the Lansing, Mich., company's increasingly tense bankruptcy.
May 13 -
Capitol Bancorp (CBCRQ) has lost another bank after regulators closed its Sunrise Bank of Arizona on Friday.
August 23 -
The Federal Deposit Insurance Corp. exercised its powers to appoint itself the receiver to circumvent a judge's ruling that barred Nevada regulators from closing a tiny bank belonging to Capitol Bancorp.
June 6 -
Capitol Bancorp is down three banks in the past week, but it could have been four. The company said in a regulatory filing on Wednesday that regulators attempted to seize a fourth bank on Friday, but a temporary injunction from a state court stopped it.
May 16 -
Talmer Bancorp has agreed to buy and recapitalize First Place Bank in Warren, Ohio, in a deal that will work its way through the bankruptcy process.
October 29
Capitol Bancorp's story is drawing to a close.
The Lansing, Mich., company said late Monday that it will sell its four remaining banks to Talmer Bancorp in Troy, Mich. Capitol (CBCRQ) entered into a stock purchase agreement to sell Bank of Las Vegas, Indiana Community Bank, Michigan Commerce Bank and Sunrise Bank of Albuquerque.
"We are pleased to provide the banks with a strategic partner that has the resources and capital to support the banks' long-term success," Joseph Reid, Capitol's chairman and chief executive, said in a press release. "This transaction presents significant opportunities for the banks, and their employees and customers."
Capitol said it expects the sale to close as
Reid had spent the last four years trying to keep Capitol's far-flung banks afloat by selling banks and using proceeds to prop up ailing ones. Several of its banks had failed this year, including
Talmer,
