News 2010
- September 1, 2010:
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Capitol Bancorp Extends Deadline for Acceptance of its Exchange Offer
LANSING, Mich., and PHOENIX, Ariz.: September 1, 2010: Capitol Bancorp Limited (NYSE: CBC) (the “Corporation”) today announced that
it has extended its pending offer to exchange up to 2,908,200 shares of its common stock, no par value per share, for any and all
of its outstanding 10.50% trust preferred securities (the “Trust Preferred Securities”) of Capitol Trust XII, a statutory trust formed
under the laws of the State of Delaware. The offer commenced on May 28, 2010.
- August 31, 2010:
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Capitol Bancorp Completes Divestiture of Its Interest in Adams Dairy Bank
LANSING, Mich., and PHOENIX, Ariz.: August 31, 2010: Capitol Bancorp Limited (NYSE: CBC) announced today that it has completed the sale of its 51 percent interest in Adams Dairy Bank.
- August 23, 2010:
-
Capitol Bancorp Completes Divestiture
of Its Interest in USNY Bank
LANSING, Mich., and PHOENIX, Ariz.: August 23, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has completed the sale of its 51 percent interest in
USNY Bank.
- August 18, 2010:
-
Capitol Bancorp Announces the
Planned Divestiture of its Banking Operations in the Tucson, Arizona Market
LANSING, Mich., and PHOENIX, Ariz.: August 18, 2010: Capitol Bancorp Limited (NYSE:
CBC) and Grandpoint Capital, Inc. announced jointly today the planned sale of Capitol’s
Tucson operations involving Bank of Tucson and Southern Arizona Community Bank to
Grandpoint Capital, Inc.
- August 17, 2010:
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Capitol Bancorp Awarded Compensatory
and Punitive Damages
LANSING, Mich., and PHOENIX, Ariz.: August 17, 2010: Capitol Bancorp Limited announced
today that a Maricopa County Superior Court Judge awarded it more than $14,748,000
in compensatory damages and $30,000,000 in punitive damages. The defendants were
a mortgage broker, Tom Alexander and his employers, and several escrow officers
and their former employer, Capital Title Agency, Inc. The court found that the defendants
knowingly falsified loan applications, down payments and bank account verifications
to induce Capitol’s subsidiary, Mesa Bank, to make over 40 residential construction
loans. The judge awarded the Bank all of the damages it claimed and assessed $10,000,000
in punitive damages against Capital Title stating, “The court has never seen such
intentional, outrageous, and fraudulent conduct by a fiduciary that did so much
damage to its principal.” The court also awarded $20,000,000 in punitive damages
against mortgage broker Alexander.
- August 16, 2010:
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Capitol Bancorp Reports Second
Quarter 2010 Results
LANSING, Mich. and PHOENIX, Ariz.: August 16, 2010: A net loss attributable to Capitol
Bancorp was incurred for the second quarter of 2010 of $41 million or $1.98 per
share, compared to a net loss of $47.9 million or $2.75 per share for the first
quarter of 2010 and a net loss of $16.3 million or $0.95 per share reported for
the second quarter of 2009.
- August 2, 2010:
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Capitol Bancorp Receives Approval
to Consolidate Three Georgia Banks
LANSING, Mich., and PHOENIX, Ariz.: August 2, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory and shareholder approval to
consolidate Bank of Valdosta, Peoples State Bank and Sunrise Bank of Atlanta. Effective
July 30, 2010, all three locations began operating as Sunrise Bank.
- July 30, 2010:
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Capitol Bancorp Completes Divestiture
of Its Interest in Community Bank of Lincoln
LANSING, Mich., and PHOENIX, Ariz.: July 30, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced that it has completed the sale of its interest in Community Bank
of Lincoln to a group of local investors.
- July 23, 2010:
-
Capitol Bancorp Extends Deadline
for Acceptance of its Exchange Offer
LANSING, Mich., and PHOENIX, Ariz: July 23, 2010: Capitol Bancorp Limited (NYSE:
CBC) (the “Corporation”) today announced that it has extended its pending offer
to exchange up to 2,908,200 shares of its common stock, no par value per share,
for any and all of its outstanding 10.50% trust preferred securities (the “Trust
Preferred Securities”) of Capitol Trust XII, a statutory trust formed under the
laws of the State of Delaware. The offer commenced on May 28, 2010.
- June 30, 2010:
-
Capitol Bancorp Completes Divestiture
of Its Interest in Ohio Commerce Bank
LANSING, Mich., and PHOENIX, Ariz.: June 30, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced that it has completed the sale of its interest in Ohio Commerce Bank
to a group of local investors.
- June 23, 2010:
-
Capitol Bancorp Extends Deadline
for Acceptance of its Exchange Offer
LANSING, Mich., and PHOENIX, Ariz: June 23, 2010: Capitol Bancorp Limited (NYSE:
CBC) (the “Corporation”) today announced that it has extended its pending offer
to exchange up to 2,908,200 shares of its common stock, no par value per share,
for any and all of its outstanding 10.50% trust preferred securities (the “Trust
Preferred Securities”) of Capitol Trust XII, a statutory trust formed under the
laws of the State of Delaware. The offer commenced on May 28, 2010.
- June 18, 2010:
-
Capitol Bancorp Announces the
Planned Sale of Bank of Fort Bend
LANSING, Mich., and PHOENIX, Ariz.: June 18, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into an agreement with a local investor
group to acquire all of the stock of Bank of Fort Bend, including the 51 percent
interest in the bank held by Capitol.
- June 4, 2010:
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Capitol Bancorp Announces Commencement
of Offer to Exchange Its Trust Preferred Securities
LANSING, Mich., and PHOENIX, Ariz.: June 4, 2010: Capitol Bancorp Limited (“Capitol”)
(NYSE: CBC) announced today the commencement of an offer to exchange (the “Exchange
Offer”) up to 2,908,200 shares of its common stock, no par value per share, for
any and all of its outstanding 10.50% trust preferred securities (the “Trust Preferred
Securities”) of Capitol Trust XII, a statutory trust formed under the laws of the
State of Delaware. The offer commenced on May 28, 2010.
- June 3, 2010:
-
Capitol Bancorp Announces the
Planned Sale of Its Interest in Bank of San Francisco
LANSING, Mich., and PHOENIX, Ariz.: June 3, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into a selling shareholder agreement with
Bank of San Francisco in which Capitol will sell its interest in the bank.
- May 13, 2010:
-
Capitol Bancorp Reports First
Quarter Results
LANSING, Mich. and PHOENIX, Ariz.: May 13, 2010: A net loss attributable to Capitol
Bancorp was reported for the first quarter of 2010 of approximately $47.9 million
or $2.75 per share, compared to a net loss of $75.5 million or $4.34 per share reported
for the fourth quarter of 2009, and a net loss of $20.7 million or $1.20 per share
reported for the first quarter of 2009.
- May 6, 2010:
-
Capitol Bancorp Announces Date
for Release of First Quarter 2010 Results
LANSING, Mich., and PHOENIX, Ariz.: May 6, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced that it expects to issue its 2010 first quarter financial results
on Thursday, May 13, 2010 before the market opens. The date of this release is intended
to coincide with the approximate date of the filing of Capitol’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2010. The release will be available
on Capitol’s website at www.capitolbancorp.com.
- April 30, 2010:
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Capitol Bancorp Completes Divestiture
of Napa Community Bank
LANSING, Mich., and ROSEVILLE, Ca.: April 30, 2010: Capitol Bancorp Limited (NYSE:
CBC) and Rabobank, N.A. today jointly announced that they have completed the sale
of Capitol’s California-based affiliate, Napa Community Bank, to Rabobank, N.A.,
a community bank with over 100 California locations.
- April 30, 2010:
-
Capitol Bancorp Announces Results
of Annual Meeting and the Appointment of Lawrence Connell as Vice Chairman
LANSING, Mich., and PHOENIX: April 30, 2010: Capitol Bancorp Limited (NYSE: CBC)
announced today the results of its annual meeting of shareholders held on Wednesday,
April 28, 2010. On the proposal to elect six Class III directors, board members
Joseph D. Reid, Michael L. Kasten, David L. Becker, James C. Epolito, Kathleen A.
Gaskin and Ronald K. Sable were each elected to hold office for three years. The
proposal to ratify the appointment of Capitol’s independent auditors, BDO Seidman,
LLP was also approved.
- April 27, 2010:
-
Capitol Bancorp Completes Divestiture
of Bank of Belleville
LANSING, Mich., and PHOENIX, Ariz.: April 27, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced that it has completed the sale of Bank of Belleville to a group of
local investors.
- April 26, 2010:
-
Capitol Bancorp Announces Capital
Raise of $7.5 Million in Registered Direct Offering
LANSING, Mich., and PHOENIX, Ariz.: April 26, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it entered into definitive agreements with several institutional
investors on April 23, 2010 for a registered direct offering of 2,500,000 shares
of previously unissued common stock at a price of $3.00 per share with total proceeds
of $7.5 million. In addition to the issuance of common shares, Capitol will issue
to each investor one warrant exercisable for one common share for every two common
shares purchased with an exercise price of $3.50 per share. The warrants are exercisable
immediately and expire on April 23, 2013. The common shares sold, the warrants and
the shares underlying the warrants are to be issued under Capitol’s Form S-3 shelf
registration statement that was previously declared effective by the Securities
and Exchange Commission on June 9, 2008.
- April 16, 2010:
-
Capitol Bancorp Announces the
Planned Sale of Three Colorado-Based Affiliate Banks
LANSING, Mich., and PHOENIX, Ariz.: April 16, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into a collective stock redemption transaction
with three Colorado affiliates, Fort Collins Commerce Bank, Larimer Bank of Commerce
and Loveland Bank of Commerce, to sell its 51 percent interest in each bank. At
year-end 2009, total assets were approximately $224 million for the three affiliates.
- April 6, 2010:
-
Capitol Bancorp Completes Offer
to Exchange Notes to Strengthen Capital Position
LANSING, Mich., and PHOENIX, Ariz.: April 6, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has completed its offer to exchange its common stock
for the Company’s Series A 9% Promissory Notes due 2013. The Exchange Offer expired
at 11:59 p.m., Lansing, Michigan time, on March 31, 2010, and the Company accepted
for exchange all Notes that were validly tendered and not withdrawn in the Exchange
Offer.
- March 31, 2010:
-
Capitol Bancorp Receives Approval
to Consolidate Two Michigan-based Affiliates with Michigan Commerce Bank
LANSING, Mich., and PHOENIX, Ariz.: March 31, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory approval to consolidate affiliates
Bank of Auburn Hills and Paragon Bank & Trust with Michigan Commerce Bank. With
this consolidation, Michigan Commerce Bank will add two new offices to its existing
state-wide presence of nine offices across the lower peninsula of Michigan.
- March 19, 2010:
-
Capitol Bancorp Announces Revised
2009 Results of Operations
LANSING, Mich., and PHOENIX, Ariz.: March 19, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it revised its 2009 results of operations from those announced
on January 28, 2010.
- March 17, 2010:
-
Capitol Bancorp Receives Approval
to Consolidate Two Indiana Banks
LANSING, Mich., and PHOENIX, Ariz.: March 17, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory approval to consolidate Elkhart
Community Bank and Goshen Community Bank. Both bank locations will begin operating
as Indiana Community Bank on March 22, 2010.
- March 15, 2010:
-
Capitol Bancorp Announces the
Planned Sale of USNY Bank
LANSING, Mich., and PHOENIX, Ariz.: March 15, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into a stock redemption agreement with
USNY Bank to sell its 51 percent interest in the bank.
- March 2, 2010:
-
Capitol Bancorp Receives Approval
to Consolidate Four California Banks
LANSING, Mich., and PHOENIX, Ariz.: March 2, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory and shareholder approval to
consolidate Bank of Escondido, Point Loma Community Bank, Sunrise Bank of San Diego
and Sunrise Community Bank. Effective March 5, 2010, the banks will consolidate
into one charter and all four locations will begin operating as Sunrise Bank on
March 8, 2010.
- February 19, 2010:
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Capitol Bancorp Receives Approval
to Consolidate Four Washington Banks
LANSING, Mich., and PHOENIX, Ariz.: February 19, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory and shareholder approval to
consolidate Bank of Bellevue, Bank of Everett, Bank of Tacoma and Issaquah Community
Bank. Effective February 19, 2010, the banks will consolidate into one charter and
all four locations will begin operating as Bank of the Northwest on February 22,
2010.
- February 16, 2010:
-
Capitol Bancorp Announces the
Planned Sale of California-Based Napa Community Bank to Rabobank
LANSING, Mich. and ROSEVILLE, Ca.: February 16, 2010: Capitol Bancorp Limited (NYSE:
CBC) and Rabobank, N.A. today jointly announced the planned sale of Capitol’s California-based
affiliate, Napa Community Bank, to Rabobank, a community bank with more than 100
California locations, for an initial cash consideration approximating $25 million
and other contingent considerations.
- January 28, 2010:
-
Capitol Bancorp Reports Year-End Results
LANSING, Mich. and PHOENIX, Ariz.: January 28, 2010: A net loss attributable to
Capitol Bancorp was reported for the fourth quarter of 2009 of $50.2 million or
$2.88 per share, compared to earnings of approximately $1.1 million or $0.06 per
share reported for the fourth quarter of 2008. Adverse operating results in 2009
resulted from significantly increased levels of loan losses and costs associated
with other real estate owned.
- January 27, 2010:
-
Capitol Bancorp Announces the
Sale of Nebraska-based Community Bank of Lincoln
LANSING, Mich., and PHOENIX, Ariz.: Jan. 27, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into a definitive agreement to sell its
51 percent interest in Community Bank of Lincoln, a $60.3 million affiliate, to
Lincoln, Nebraska-based NHI Financial Services, LLC, led by CEO Lee R. Stuart.
- January 21, 2010:
-
Capitol Bancorp Receives Approval
to Consolidate Four Nevada Banks
LANSING, Mich., and PHOENIX, Ariz.: Jan. 21, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has received regulatory approval to consolidate Bank
of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock
Community Bank. Effective January 29, 2010, the banks will consolidate into one
charter, Bank of Las Vegas, and all four locations will begin operating as Bank
of Las Vegas on February 1, 2010.
- January 15, 2010:
-
Capitol Bancorp Announces the
Sale of Bank of Las Colinas
LANSING, Mich., and PHOENIX, Ariz.: Jan. 15, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into a stock redemption agreement with
Bank of Las Colinas to sell its 51 percent interest in the bank.
- January 11, 2010:
-
Capitol Bancorp Announces the
Sale of Adams Dairy Bank
LANSING, Mich., and PHOENIX, Ariz.: Jan. 11, 2010: Capitol Bancorp Limited (NYSE:
CBC) announced today that it has entered into a stock redemption agreement with
Adams Dairy Bank to sell its 51 percent interest in the bank, subject to regulatory
approval.
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