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The regional division of our corporate operations, coupled with the added sophistication of state-of-the-art technology, will provide an expanded foundation of support for our growing company.

While we are intently focused on the future, I am proud to highlight several major accomplishments of the past year. In 2004, the Corporation:

• Welcomed two banks into its community bank network – First Carolina State Bank in Rocky Mount, North Carolina and Point Loma Community Bank in Point Loma, California.
• Initiated a stock exchange so that two majority-owned investments became wholly-owned. Shareholders in both Sunrise Bank of San Diego and First California Northern Bancorp exchanged their shares for Capitol’s publicly-traded common stock.
• Announced its 50th consecutive cash dividend in the fourth quarter.

Joseph D. Reid
Chairman & CEO