Holding company for Ann Arbor's Michigan Commerce Bank files for bankruptcy
Photo from loopnet.com
Capitol Bancorp has 13 affiliate banks in 10 states, including the Ann Arbor-based Michigan Commerce Bank and its nine branches. In the past few years, Capitol has sold 24 affiliate banks.
Company officials said the operations and deposits of the affiliate banks will not be affected by the bankruptcy, according to the report.
Michigan Commerce Bank operated under FDIC oversight starting in March 2010 due to concerns about its financial health. At that time, it was ordered to seek a sale or merger.
Read the full MLive report here.