Bank Of Cooperstown To Buy Parent’s Shares

3-26-10

COOPERSTOWN

The turn-around was a sign of the times.
When the Bank of Cooperstown formed two years ago, it expected investors would be selling shares back to its parent, Capital Bancorp of Lansing, Mich., about now.
Instead, the Bank of Cooperstown and its twin, the Bank of the Finger Lakes, are buying out Capital’s 51 percent of the shares and going it alone, President & CEO Mike Briggs announced.
Capital has been losing money in the current economic climate.
Briggs said the New York banks are doing well, have found additional capital, and decided ending ties to the parent is best.
Local investors have been invited to an April 30 briefing.