Tucson car dealer Jim Click is getting back into the banking business.
Capitol Bancorp Ltd. is selling the Tucson operations of Bank of Tucson and Southern Arizona Community Bank to Grandpoint Capital, Inc., the companies announced today.
Click is an investor in the deal and will be chairman of the board of the new, combined bank, which will operate under the banner of Bank of Tucson. He was former chairman of the board of Arizona Bank.
Also, David T. C. Wright, former president and CEO of Arizona Bank, will serve as the chair of the new bank's executive committee.
Bank of Tucson President and CEO Mike Hannley, who launched Bank of Tucson in 1996, will serve in the same capacity for the new, combined operation.
Southern Arizona Community Bank President and CEO John P. Lewis will serve as vice chair of the consolidated organization.
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Grandpoint will buy "the single-office, $99.4 million Southern Arizona Community Bank and the main office operations of Bank of Tucson involving total footings approximating $170 million,” the companies say in a news release.
Capitol Bancorp will retain Bank of Tucson’s $40 million branch office in Nogales and its $20.1 million of tangible equity.
That will “position Grandpoint Capital, Inc. to commence its new Arizona operations with a consolidated $270 million, Tucson-domiciled banking platform that will conduct business under the Bank of Tucson banner,” the news release says.
The transaction, subject to regulatory approval, is expected to be completed this year.
