LANSING, Mich. and PHOENIX, April 6
/PRNewswire-FirstCall/ -- 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and not withdrawn in the Exchange Offer.
The Exchange Offer will result in the retirement of $4.58 million principal amount of Notes and the
issuance of approximately 1.4 million shares of the Company's
common stock. The settlement of the Exchange Offer occurred
on April 5, 2010.
The shares of common stock delivered upon settlement of the
Exchange Offer were offered and will be issued in reliance upon the
exemption from the registration requirements of the Securities Act
of 1933, as amended provided by Section 3(a)(9).
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.1 billion national community banking company
with a network of separately chartered banks in 17 states. Founded
in 1988, Capitol Bancorp Limited has executive offices in
Lansing, Michigan, and
Phoenix, Arizona.
SOURCE Capitol Bancorp Limited