Capitol Bancorp has announced that it has planned to consolidate four Arizona affiliate banks. Pending regulatory approval, Arrowhead Community Bank, Camelback Community Bank, Mesa Bank and Sunrise Bank of Arizona will consolidate and operate as one charter bank, Sunrise Bank of Arizona.
Leadership for the consolidated bank will be headed by Capitol’s president of bank performance John Lewis, who will serve as the chairman, president and CEO. Joining Mr. Lewis on the executive management team are Camelback Community Bank’s president and CEO Gail Grace, who will serve as president of commercial lending, Sunrise Bank of Arizona’s president and CEO Douglas White, who will serve as president of retail banking, James Klussman, who will serve as chief credit officer and Neil Barna, who will retain a leadership role in the Mesa market.
Joseph Reid, Capitol’s chairman and CEO, said: This is a strategic action to realign our resources and capitalize on the collective strengths of our Arizona affiliates and their respective operations, create efficiencies and strengthen risk management practices, allowing Capitol to more efficiently allocate capital and resources within the banks’ communities.
