Bank of Escondido (In Organization) Receives Preliminary DFI Approval to Organize, Announces Proposed Board of Directors and Management Team
Capitol Bancorp Center
200 Washington Sq. North
Lansing, MI 48933
2777 East Camelback Road
Suite 375
Phoenix, AZ 85016
Analyst Contact:
Michael M. Moran
Chief of Capital Markets
877-884-5662
Media Contact:
Joal Redmond
Corporate Communications
602-977-3797
Escondido, Calif.: September 3, 2003: Bank of Escondido has received approval from the California Department of Financial Institutions (DFI) to organize and begin raising a minimum of $8,000,000 in initial investment capital. Michael R. Peters, President and CEO of Bank of Escondido (In Organization) said he was pleased with the approval and will begin capital raising immediately. "There is a high level of interest in our new bank throughout the community and we're looking forward to the day we open the doors and offer customers a unique and outstanding banking experience," said Peters.
Peters is a 31-year career banker, having spent his entire career in the North San Diego County area. He will be joined by the following local business and community leaders on the bank's board of directors:
| Michael F. Murphy | President of Computer Protection Technology |
| Richard J. Fleck | President of Southland Paving |
| Marvin L. Gilbert | President of North County Insurance |
| Mark E. Hayes | Certified Public Account - Mark Hayes, CPA |
| Ronald G. Guiles | Former Superintendent, Escondido Elementary School District |
| L. Richard Greenstein, M.D. | Medical Director, Escondido Surgery Center |
| Robert M. Cahan | President of Cahan Properties |
Also serving on the board of directors will be the following officers of Capitol Bancorp Limited, a bank development company with 29 separately chartered community banks in the Midwest and Southwest United States:
| John S. Lewis | (Chairman) President, Western Region of Capitol Bancorp Limited |
| Scott R. Andrews | President & COO of First California Southern Bancorp |
"I'm pleased to announce that longtime Escondido resident and banker Chris Burt will join the management team as Vice President of Lending and former Rancho Santa Fe National Bank Human Resources manager, Linda Blakley has been named Vice President and Operations Manager," said Peters. "I am also very pleased to announce that former First National Bank Chief Credit Officer, Glenn Marshall will be joining our team as Chief Credit Officer."
The bank will be located at 200 West Grand Avenue in downtown Escondido and will focus on serving small to medium-sized businesses within Escondido and the surrounding communities in North San Diego County. The bank will offer relationship banking via a full range of loan and deposit products.
Capitol Bancorp Limited is a publicly traded (NYSE:CBC) bank development company that is headquartered in Lansing, Michigan and Phoenix, Arizona. On a consolidated basis, Capitol's total assets exceeded $2.6 billion at June 30, 2003. Capitol is one of the nation's largest community banking organizations, with 29 affiliate community banks operating in eight states. Based in San Diego, First California Southern Bancorp was formed in October 2002, by Capitol Bancorp Limited, to establish local community banks throughout Southern California.