Capitol Bancorp has received regulatory and shareholder approval to consolidate three Georgia banks: Bank of Valdosta, Peoples State Bank and Sunrise Bank of Atlanta.
According to Capitol Bancorp, effective July 30, 2010, all three locations began operating as Sunrise Bank.
Leadership for the consolidated bank will be headed by Clinton Dunn, who will serve as the chairman and CEO of the consolidated bank. Joining Mr Dunn on the executive management team are Matt Stanaland, who will serve as president and Kay Howell, who will serve as the market president of Jeffersonville.
Joseph Reid, chairman and CEO of Capitol, said: “To date, Capitol’s consolidation strategy has resulted in a reduction of 34 bank charters into seven. These bank consolidations have positioned us to preserve core capital, strengthen operational efficiencies and enhance risk management oversight.”
Mr Dunn said: “We will continue to provide the same great service that our customers have grown accustomed to. At Sunrise Bank, we remain committed to supporting our local communities through community involvement and local decisions.”