LANSING, Mich. and PHOENIX, June 23
/PRNewswire-FirstCall/ -- 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.
The exchange offer was previously scheduled to expire at
11:59 p.m., Michigan time, on June
25, 2010, and has been extended until 11:59 p.m., Michigan time, on July
23, 2010, in order to give holders of the Trust Preferred
Securities adequate time and opportunity to assess the proposed
transaction and if necessary, to complete the appropriate
documentation associated with the exchange.
This press release is for informational purposes only and is not
an offer to buy or the solicitation of an offer to sell any
securities. Solicitation of offers to exchange shares of the
Trust Preferred Securities will only be made pursuant to the
Offering Memorandum distributed by the Corporation.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.1 billion national community banking company,
with a network of bank operations in 16 states. Founded in
1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan and Phoenix, Arizona.
Forward Looking Statement
Certain statements in this announcement contain forward-looking
statements that are based on management's expectations, estimates,
projections and assumptions. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties which are difficult to predict.
Therefore, actual future results and trends may differ materially
from what is forecast in forward-looking statements due to a
variety of factors.
All forward-looking statements speak only as of the date of this
press release. All subsequent written and oral forward-looking
statements attributable to the company or any person acting on the
Corporation's behalf are qualified by the cautionary statements in
this press release. The Corporation does not undertake any
obligation to update or publicly release any revisions to
forward-looking statements to reflect events, circumstances or
changes in expectations after the date of this press release.
SOURCE Capitol Bancorp Limited
