Capitol Bancorp Limited Announces Termination of Its Exchange Offer
October 07 2009 - 6:00PM
PR Newswire (US)
LANSING, Mich., and PHOENIX, Oct. 7 /PRNewswire-FirstCall/ --
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. The
Exchange Offer was subject to several conditions, including the
conditions set forth in items (a) and (d) on page 59 of the
prospectus relating to the Exchange Offer. Because the conditions
set forth in items (a) and (d) on page 59 of the prospectus
relating to the Exchange Offer have not been satisfied, Capitol has
elected to terminate the Exchange Offer pursuant to the terms and
conditions of the Exchange Offer. As a result of the termination of
the Exchange Offer, no units consisting of shares of
Trust-Preferred Securities issued by Capitol Trust XII, a Delaware
statutory trust, and shares of Capitol's Series A Noncumulative
Convertible Perpetual Preferred Stock will be issued for shares of
the CDBLs to holders of shares of the CDBLs who have validly
tendered their shares of a CDBL in connection with the Exchange
Offer. Shares of the CDBLs previously tendered pursuant to the
Exchange Offer will be promptly returned to the tendering holders.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy securities, nor shall there be any
offer, solicitation or sale of any securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful. About
Capitol Bancorp Limited Capitol Bancorp Limited (NYSE:CBC) is a
$5.6 billion national community banking company, with a network of
bank operations in 17 states. It is the holder of the most
individual bank charters in the country. 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.
http://www.capitolbancorp.com/ DATASOURCE: Capitol Bancorp Limited
CONTACT: Michael M. Moran, Chief of Capital Markets,
+1-877-884-5662, or Stephanie Swan, Director of Shareholder
Services, +1-517-487-6555 Web Site: http://www.capitolbancorp.com/
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