Capitol Bancorp Ltd. is selling its 51% stake in Bank of Las Colinas, which would mark its exit from Texas.
The $3.5 billion-asset Capitol announced Monday that the $184 million-asset Collin Bank in Frisco, Texas, plans to acquire its ownership in the $45 million-asset Bank of Las Colinas in Irving.
Capitol, which has headquarters in Lansing, Mich., and Phoenix, did not disclose the sale price. The company, which once aimed to have 100 charters, has steadily sold and consolidated its bank units since 2009 as it looks to harvest capital.
Despite the sales, Capitol reported last week that it was technically insolvent, with a total equity to total assets ratio of negative 1.09%.
