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Community Bank of Rowan to be sold

Capitol Bancorp is selling Community Bank of Rowan to Piedmont Community Bank Holdings in Raleigh .

The sale will help to Capitol Bancorp redeploy capital to its affiliate banks, Capitol’s CEO Joseph Reid said.

The transaction, which is subject to regulatory approval, is expected to be completed sometime next year.

Community Bank of Rowan has offices in Salisbury and China Grove.

Capitol Bancorp, which has executive offices in Lansing, Mich., and Phoenix, has operations in 14 states.

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