Capitol Bancorp, parent of Sunrise Bank of Atlanta and two other Georgia lenders, said Monday it has won regulatory and shareholder approval to merge the three institutions.
Sunrise Bank of Atlanta, Bank of Valdosta and Peoples State Bank of Jeffersonville are now operating as Sunrise Bank. Each had previously operated under distinct charters.
Clinton Dunn, formerly the interim CEO and chairman of Sunrise in Atlanta, has been named chairman and CEO of the consolidated bank.
In March, regulators slapped the banks and Capitol Bancorp with a consent order, and directed the Lansing, Mich.-based bank holding company to sell its interests in the tiny community lenders.
The company has been working on a recapitalization plan with an investor group. The latest moves will help the company operate more efficiently and preserve capital, bank officials said.
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