Michigan-based community banking firm Capitol Bancorp Ltd announced that it had inked a stock purchase agreement with Talmer Bancorp Inc. Under the terms of the deal, Capitol would sell the common stock of its consolidated entities to Talmer. The consolidated firms are Bank of Las Vegas, Indiana Community Bank, Michigan Commerce Bank and Sunrise Bank of Albuquerque. No financial details were disclosed about the transaction.
Capitol said the deal would not affect the operations of the aforementioned banks. The deposits of clients would still be covered by the Federal Deposit Insurance Corporation. The deal would be closed following the provisions of Section 363 of the US Bankruptcy Code and would still be subject to regulatory approval.
Capitol Chairman and CEO Joseph D. Reid said about the deal, "We are pleased to provide the banks with a strategic partner that has the resources and capital to support the banks' long-term success. This transaction presents significant opportunities for the banks, and their employees and customers."
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