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 March 01, 2009

THREE SAN DIEGO COUNTY BANKS TO MERGE
Pending the approval of shareholders, Capitol Bancorp, which owns outright or in majority, three small local banks, is planning to merge them under a single name and management group so as to reduce costs and enable a larger amount of capital to be formed. Fifty banks in various parts of the country are controlled by Capitol Bancorp, and this local merging is essentially what they have done in various other markets, including Arizona, Michigan, Nevada and Washington. The local banks to be consolidated include Sunrise Bank, the Bank of Escondido and Point Loma Community Bank as well as the Sunrise Bank in Palm Desert.
Some banks in several states, including California, Texas and Illinois, are being sold. Some of the sales are completed, while others are in process. The bank consolidations and sales are being done to save the basic capital and to use it to support banks in areas that are encountering challenges.

According to Point Loma Community Banks' Scott Andrews, there will be no closure of branch banks because of the consolidation. Sunrise Bank, the new name of the merged banks, will have approximately three hundred million dollars in assets. Scott Andrews will become the Chief Executive Officer, and the Bank of Escondido's Mike Peters will serve as President.