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Life Worsens for Capitol Bancorp Ltd.
May 14, 2013
In a very rare event the FDIC seized another unit of Capitol Bancorp Ltd. of Lansing, Michigan on Tuesday May 14, 2013. Central Arizona Bank located at 7001 N Scottsdale Road, # 1000 Scottsdale, AZ, 85253 was closed by regulators. Here is the forensics report on Central Arizona Bank,
Central Arizona Bank (CLOSED May 14, 2013)
http://us1.irabankratings.com/pub/failedbank.asp?cert=34527
As we noted last Friday on IRA’s Facebook page, Capitol owns a number of bank units that were potentially endangered by the downfall of two units of the holding company's portfolio. The dominoes do seem to be falling. Central Arizona Bank shared weaknesses in common with the two units that failed last week. Here are the forensic reports on them.
Sunrise Bank (CLOSED May 10, 2013)
http://us1.irabankratings.com/pub/failedbank.asp?cert=58185
Pisgah Community Bank (CLOSED May 10, 2013)
http://us1.irabankratings.com/pub/failedbank.asp?cert=58701
The $1.6B asset company owned the following banks as of December 2012 that remain in business.
Michigan Commerce Bank
2950 STATE STREET SOUTH ANN ARBOR, MI
Bank of Las Vegas
1700 W HORIZON RIDGE PARKWAY HENDERSON, NV
SUNRISE BANK OF ARIZONA
2777 CAMELBACK ROAD PHOENIX, AZ
Capitol National Bank
200 WASHINGTON SQUARE NORTH LANSING, MI
Indiana Community Bank
511 WEST LINCOLN AVENUE GOSHEN, IN
Summit Bank of Kansas City
1650 NORTHEAST GRAND LEES SUMMIT, MO
SUNRISE BANK OF ALBUQUERQUE
219 CENTRAL AVE. NORTHWEST ALBUQUERQUE, NM
Bank of Maumee
3425 BRIARFIELD BLVD SUITE 1 MAUMEE, OH
1st Commerce Bank
5135 CAMINO AL NORTE, # 4 NORTH LAS VEGAS, NV
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