Capitol Bancorp Limited (CBC) is the only banking corporation in America which identifies its core business as the development of community-based de novo banks. Fundamental to this core business is a commitment to a “building to last” corporate strategy. We have always been, and will continue to be, a company committed to a long-term vision, versus a company focused on a short-term, so-called “value maximizing” event.
At December 31, 2004, CBC consisted of 32 separately chartered community banks. Each bank bears its own locally branded name, its own board of directors, and, full decision-making authority over operating strategy and all matters affecting the customer in lending and deposit transactions.
During this past year, we have focused on a broadened development strategy which is based on the successful recruitment of talented, senior bankers to serve as presidents of seven identified regions of the contiguous United States. I am pleased to report to you that this effort is delivering the desired results. Six of the seven regions (California, Great Lakes, Midwest, Northwest, Southeast and Southwest) now operate with this structure. Only the Northeast regional president position remains unfilled.
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