- Current report filing (8-K)
April 17 2009 - 11:27AM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 17,
2009
CAPITOL
BANCORP LTD.
(Exact
name of registrant as specified in its charter)
Michigan
(State
or other jurisdiction
of
incorporation)
|
001-31708
(Commission
File No.)
|
38-2761672
(IRS
Employer
Identification
No.)
|
Capitol Bancorp Center
200
Washington Square North, Lansing, Michigan 48933
(Address
of Principal Executive Offices) (Zip Code)
(517)
487-6555
(Registrant’s
Telephone Number, Including Area Code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General
Instruction A.2. below):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02. Results of Operations and Financial Condition.
On April
17, 2009, Capitol Bancorp Ltd. (“Capitol”) issued a press release announcing
first quarter 2009 earnings. A copy of this press release is attached
as Exhibit 99.1 to this Item 2.02.
Item
8.01. Other Events.
Capitol announces that it has elected
to defer regularly scheduled quarterly interest payments on Capitol’s
junior subordinated debentures (“Debentures”). The Debentures are
owned by Capitol Trust I through XII (the “Trusts”) and were funded by the
Trusts’ issuance of trust preferred securities (“Debt
Securities”). The total estimated annual interest that would be
payable on the Debentures and the underlying Debt Securities, if not deferred,
is approximately $14 million.
The terms of the Debentures and trust
indentures (the “Indentures”) allow for Capitol to defer payment of interest on
the Debt Securities at any time or from time to time for up to 20 consecutive
quarters provided no event of default (as defined in the Indentures) has
occurred and is continuing. Capitol is not in default with respect to
the Indentures, and the deferral of interest does not constitute an event of
default under the Indentures. While Capitol defers the payment of
interest, it will continue to accrue the interest expense owed at the applicable
interest rate. Upon the expiration of the deferral, all accrued and
unpaid interest is due and payable. During the deferral period,
Capitol may not declare or pay any dividends or distributions on, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of its
capital stock. Suspension of the common stock dividend will conserve
an additional $3.5 million on an annualized basis.
Item
9.01. Financial Statements and Exhibits.
99.1
Press Release of Capitol Bancorp Limited dated April 17, 2009.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: April
17, 2009
|
CAPITOL
BANCORP LTD.
(Registrant)
/s/ Joseph D.
Reid
Joseph
D. Reid
Chief
Executive Officer
|
INDEX
TO EXHIBITS
Exhibit
No.
|
Description
of Exhibit
|
|
|
99.1
|
Press
Release dated April 17,
2009
|
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