Dec 31, 2012 (M2 Banking & Credit News via COMTEX) -- 31 December 2012 -- Michigan, USA-based Capitol Bancorp Ltd. (OTCQB:CBCRQ) said that it has entered into a letter of intent with investors for the sale and subsequent recapitalization of Sunrise Bank of Albuquerque.

Capitol's chairman and CEO Joseph D. Reid said that the transition serves as a strategic opportunity to deleverage his firm's consolidated balance sheet while enabling Sunrise Bank of Albuquerque to partner with a group possessing access to additional capital resources.

This transaction is subject to regulatory approval and expected to be completed in 2013, Capitol said. . Capitol Bancorp, is a community banking company with a network of separately chartered banks in ten states and executive offices in Lansing, Michigan.

Find out more at http://www.capitolbancorp.com.

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