News 2009

December 17, 2009:: Capitol Bancorp Announces the Sale of Colorado-Based Mountain View Bank of Commerce
LANSING, Mich., and PHOENIX, Ariz.: Dec. 17, 2009: Capitol Bancorp Limited (NYSE: CBC) announced today that it has entered into a definitive agreement to sell Mountain View Bank of Commerce in Westminster, Colorado, a $46.2 million affiliate, to Cherry Hills Founders Group, a Colorado-based investment group led by Stephanie Bluher, in an all cash transaction.
December 15, 2009:: Capitol Bancorp Announces the Sale of Ohio Commerce Bank
LANSING, Mich., and PHOENIX, Ariz.: Dec. 15, 2009: Capitol Bancorp Limited (NYSE: CBC) announced today that it has entered into a stock redemption agreement with Ohio Commerce Bank to sell its 51 percent interest in the bank. Subject to regulatory approval, Capitol will receive 1.4 times the bank’s book value.
December 14, 2009:: Capitol Bancorp Limited Completes Sunrise Bank of Arizona Charter Consolidation
LANSING, Mich., and PHOENIX, Ariz.: Dec. 14, 2009: Capitol Bancorp Limited (NYSE: CBC) announced today that it has received regulatory and shareholder approval to consolidate six affiliate banks in Arizona. Effective December 14, Arrowhead Community Bank, Asian Bank of Arizona, Camelback Community Bank, Colonia Bank, Mesa Bank and Sunrise Bank of Arizona will consolidate and will operate as Sunrise Bank of Arizona.
November 13, 2009:: Capitol Bancorp Completes Divestiture of Bank of Santa Barbara
LANSING, Mich., and PHOENIX, Ariz.: Nov. 13, 2009: Capitol Bancorp Limited (NYSE: CBC) announced that it has completed the sale of Bank of Santa Barbara to a local investor group led by veteran southern California banker Eloy Ortega.
November 12, 2009:: Capitol Bancorp Limited Establishes Valuation Allowance for Deferred Tax Asset
LANSING, Mich., and PHOENIX, Ariz: November 12, 2009: Capitol Bancorp’s management has considered and reviewed the status of the Corporation’s consolidated deferred tax asset as of September 30, 2009.
October 22, 2009:: Capitol Bancorp Reports Third Quarter Results
LANSING, Mich. and PHOENIX, Ariz.: October 22, 2009: Capitol reported a net loss for the third quarter of approximately $30.9 million. The net loss per share for the quarter ended September 30, 2009 was $1.78, compared to a net loss of $1.90 per diluted share reported for the third quarter of 2008.
October 7, 2009:: Capitol Bancorp Limited Announces Termination of Its Exchange Offer
LANSING, Mich., and PHOENIX, Ariz: October 7, 2009: Capitol Bancorp Limited (NYSE: CBC) (“Capitol”) announced today that it has terminated its exchange offer (the “Exchange Offer”) to acquire all of the outstanding shares of the common stock of Capitol Development Bancorp Limited III, Capitol Development Bancorp Limited IV, Capitol Development Bancorp Limited V and Capitol Development Bancorp Limited VI (each a “CDBL” and collectively, the “CDBLs”) without accepting for exchange or exchanging any shares of the common stock of any of the CDBLs.
September 30, 2009:: Capitol Bancorp Ltd. Extends Deadline for Acceptance of its Exchange Offers
LANSING, Mich., and PHOENIX, Ariz: September 30, 2009: Capitol Bancorp Ltd. (NYSE: CBC) (the “Corporation”) today announced that it has extended its pending offers to exchange any and all issued and outstanding shares of Capitol Development Bancorp Limited III, Capitol Development Bancorp Limited IV, Capitol Development Bancorp Limited V and Capitol Development Bancorp Limited VI (collectively, the “CDBLs”) for units, consisting of shares of Trust-Preferred Securities issued by Capitol Trust XII, a Delaware statutory trust, and shares of the Corporation’s Series A Noncumulative Convertible Perpetual Preferred Stock (the “Exchange Offers”). The exchange offers were previously scheduled to expire at 11:59 p.m., Michigan time, on September 30, 2009, and have been extended until 11:59 p.m., Michigan time, on October 7, 2009 for Capitol Development Bancorp Limited IV, Capitol Development Bancorp Limited V and Capitol Development Bancorp Limited VI and extended until 11:59 p.m., Michigan time on October 14, 2009 for Capitol Development Bancorp Limited III.
September 21, 2009:: Capitol Bancorp Completes Divestiture of Yuma Community Bank
LANSING, Mich., and PHOENIX, Ariz.: Sept. 21, 2009: Capitol Bancorp Limited (NYSE: CBC) announced that it has completed the sale of Yuma Community Bank to The Foothills Bank, an Arizona-based community bank, effective today.
September 10, 2009:: Capitol Bancorp Ltd. Extends Deadline for Acceptance of its Exchange Offers
LANSING, Mich., and PHOENIX, Ariz: September 10, 2009: Capitol Bancorp Ltd. (NYSE: CBC) (the “Corporation”) today announced that it has extended its pending offers to exchange any and all issued and outstanding shares of Capitol Development Bancorp Limited III, Capitol Development Bancorp Limited IV, Capitol Development Bancorp Limited V and Capitol Development Bancorp Limited VI (collectively, the “CDBL’s”) for units, consisting of shares of Trust-Preferred Securities issued by Capitol Trust XII, a Delaware statutory trust, and shares of the Corporation’s Series A Noncumulative Convertible Perpetual Preferred Stock (the “Exchange Offers”). The exchange offers were previously scheduled to expire at 11:59 p.m., Michigan time, on September 10, 2009, and have been extended until 11:59 p.m., Michigan time, on September 21, 2009.
September 8, 2009:: Capitol Bancorp Announces the Planned Consolidations of Banks in Nevada and Washington
LANSING, Mich., and PHOENIX, Ariz.: Sept. 8, 2009: Capitol Bancorp Limited (NYSE: CBC) announced today that it plans two separate consolidations involving four Nevada affiliate banks and four Washington affiliate banks. Pending regulatory approval, Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank will consolidate and operate as one charter, Bank of Las Vegas, in Nevada. Pending regulatory and shareholder approval, Bank of Bellevue, Bank of Everett, Bank of Tacoma and Issaquah Community Bank will consolidate and operate as one charter, Bank of the Northwest, in Washington.
September 3, 2009:: Capitol Bancorp to Present at Rodman & Renshaw Annual Global Investment Conference in New York, September 9
LANSING, Mich., and PHOENIX, Ariz: September 3, 2009: Capitol Bancorp Limited (NYSE:CBC) will be a featured presenter at the Annual Global Investment Conference hosted by Rodman & Renshaw in New York City on September 9, 2009.
July 24, 2009:: Capitol Bancorp to Present at Keefe, Bruyette & Woods Tenth Annual Community Bank Investor Conference in New York, July 29
LANSING, Mich., and PHOENIX, Ariz: July 24, 2009: Capitol Bancorp Limited (NYSE:CBC) will be a featured presenter at the Tenth Annual Community Bank Investor Conference hosted by Keefe, Bruyette & Woods in New York City on July 29, 2009.
July 23, 2009:: Capitol Bancorp Reports Second Quarter Results
LANSING, Mich. and PHOENIX, Ariz.: July 23, 2009: Capitol reported a second quarter net loss of approximately $18.7 million. The net loss per share for the quarter ended June 30, 2009 was $1.08, compared to net income of $0.04 per diluted share reported for the second quarter of 2008.
July 21, 2009:: Capitol Bancorp Announces Plan to Unlock Shareholder Value With the Spin-Off of Michigan Commerce Bancorp Limited; Capitol Bancorp Also Announces Adoption of Shareholder Rights Plan
LANSING, Mich., and PHOENIX, Ariz.: July 21, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today that its board of directors has approved a plan to spin-off Michigan Commerce Bancorp Limited (“MCBL”), currently a wholly-owned subsidiary of Capitol, as an independent publicly-traded bank holding company. When the spin-off is completed, Capitol will continue to be a company with national banking operations and MCBL will be a separate publicly-traded bank holding company consisting of the substantial majority of Capitol’s prior Michigan-based banks.
July 16, 2009:: Capitol Bancorp Announces the Planned Sale of North Carolina-Based Community Bank of Rowan
LANSING, Mich., and PHOENIX, Ariz.: July 16, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today that it has entered into a definitive agreement to sell Community Bank of Rowan, a $147 million affiliate in North Carolina, to First American Financial Management Company, based in Charlotte, North Carolina, for total cash consideration approximating 1.5 times the tangible common equity of the Bank.
July 14, 2009:: Capitol Bancorp Announces the Planned Divestiture of Nevada-Based 1st Commerce Bank
LANSING, Mich., and PHOENIX, Ariz.: July 14, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today the planned divestiture of a Nevada-based affiliate, 1st Commerce Bank. Global Consumer Acquisition Corporation (NYSE: GHC, GHC.W, GHC.U), in partnership with a group of local bankers led by Mark Daigle, the Nevada Regional President for Colonial Bank, has executed a definitive agreement to pay total cash consideration approximating 1.5 times the tangible common equity of this $45 million affiliate of Capitol. The transaction, pending regulatory approval, is expected to close in the third quarter of 2009.
July 13, 2009:: Capitol Bancorp Announces the Planned Divestiture of California-Based Bank of Santa Barbara
LANSING, Mich., and PHOENIX, Ariz.: July 13, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today the planned divestiture of a California-based affiliate, Bank of Santa Barbara. An investor group with deep roots in the Santa Barbara community, led by veteran southern California banker Eloy Ortega, has executed a definitive agreement to pay total cash consideration approximating 1.6 times the tangible common equity of this $62 million affiliate of Capitol.
July 8, 2009:: Capitol Bancorp Announces the Planned Sale of its Majority Interest in Illinois-Based Bank of Belleville
LANSING, Mich., and PHOENIX, Ariz.: July 8, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today that it has entered into a stock redemption agreement with Bank of Belleville to sell its 51 percent interest in the bank. Subject to regulatory approval, Capitol will receive approximately 1.42 times the bank’s book value for its shares.
May 5, 2009:: Capitol Bancorp Announces the Sale of Arizona-Based Yuma Community Bank
LANSING, Mich., and PHOENIX, Ariz.: May 5, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today that it has entered into a definitive agreement to sell Yuma Community Bank, a $72.3 million wholly-owned affiliate in Arizona, to The Foothills Bank, a Yuma-based community bank, for total cash consideration approximating $10.5 million.
April 23, 2009:: Capitol Bancorp Announces Retention of Keefe, Bruyette & Woods
LANSING, Mich., and PHOENIX, Ariz.: April 23, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today the retention of Keefe, Bruyette & Woods as a financial advisor to the Corporation for the evaluation of current affiliate divestiture opportunities.
April 17, 2009:: Capitol Bancorp Reports First Quarter Results
LANSING, Mich., and PHOENIX, Ariz.: April 17, 2009: Capitol reported a first quarter net loss of $15.7 million. The net loss per share for the quarter ended March 31, 2009 was $0.91, compared to net income of $0.13 per share reported for the first quarter of 2008.
March 31, 2009:: Michigan Commerce Bank Consolidation
LANSING, Mich., and PHOENIX, Ariz.: March 31, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today that eight of its wholly owned bank affiliates will be consolidated into its largest bank affiliate, Ann Arbor Commerce Bank. The consolidated bank has been renamed Michigan Commerce Bank to reflect its state-wide operations.
March 2, 2009:: Capitol Bancorp Limited to Present at KBW Regional Bank Conference in Boston, March 5
LANSING, Mich., and PHOENIX, Ariz.: March 2, 2009: Capitol Bancorp Limited (NYSE:CBC) will be a featured presenter at the KBW Regional Bank Conference in Boston on Thursday, March 5.
February 19, 2009:: Capitol Bancorp Limited to Present at Midwest SuperCommunity Bank Conference in Chicago, February 25
LANSING, Mich., and PHOENIX, Ariz.: February 19, 2009: Capitol Bancorp Limited (NYSE:CBC) will be a featured presenter at the Midwest SuperCommunity Bank Investor Conference in Chicago on Wednesday, February 25.
February 13, 2009:: Capitol Bancorp Limited Announces Consolidation of Four Affiliate Banks in Arizona
LANSING, Mich., and PHOENIX, Ariz.: Feb. 13, 2009: Capitol Bancorp Limited (NYSE: CBC), announced today that it plans to consolidate four Arizona affiliate banks. Pending regulatory approval, Arrowhead Community Bank, Camelback Community Bank, Mesa Bank and Sunrise Bank of Arizona will consolidate and operate as one charter, Sunrise Bank of Arizona.
February 6, 2009:: Capitol Bancorp Declares 66th Consecutive Quarterly Cash Dividend
LANSING, Mich., and PHOENIX, Ariz.: Feb. 6, 2009: The Board of Directors of Capitol Bancorp Limited (NYSE:CBC) today announced the Corporation's 66th consecutive quarterly cash dividend. The dividend declared today of $0.05 per common share is payable March 2, 2009, to shareholders of record as of February 16, 2009.
February 3, 2009:: West Michigan Business Leader Steven Maas Elected to Capitol Bancorp Limited Board of Directors
LANSING, Mich., and PHOENIX, Ariz.: Feb. 3, 2009: Joseph D. Reid, chairman and CEO of Capitol Bancorp Limited (NYSE:CBC), today announced that West Michigan business leader Steven L. Maas has been elected to Capitol Bancorp's board of directors.
January 29, 2009:: Capitol Bancorp Reports Fourth Quarter Earnings
LANSING, Mich., and PHOENIX, Ariz.: January 29, 2009: Capitol reported earnings for the fourth quarter of 2008 of $1.1 million amidst an ongoing focus to build balance sheet strength, as total assets exceed $5.6 billion. Net income per diluted share for the quarter was $0.06, compared to $0.20 per diluted share reported for the fourth quarter of 2007.

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