Capitol Bancorp's 45th Consecutive Quarterly Cash Dividend Reflects 25% Increase.Today, the Board of Directors of Capitol Capitol, seat of the U.S. Congress
Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. Bancorp Limited announced the Corporation's 45th consecutive cash dividend of $0.15 per common share, an increase of 25 percent over last quarter's dividend of $0.12. The dividend is payable December 1, 2003 to shareholders of record as of November 3, 2003.
"This dividend is reflective of the Corporation's continued strong performance. In line with our shareholder-oriented approach to prudently grow the company, we continually assess the capital needs of our growing affiliate family as balanced with the payment of a competitive quarterly cash dividend. This 25 percent increase in the quarterly dividend is consistent with our corporate strategic objectives," said Joseph D. Reid, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Capitol Bancorp Limited.
The dividend declaration follows Capitol Bancorp's recent announcement of record quarterly earnings of $6 million, 36 percent greater than the year ago period. On a diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share basis, third quarter 2003 earnings per share of $0.44 represent a 10 percent increase from the comparable 2002 third quarter. Total consolidated assets at Capitol Bancorp Limited approximated $2.7 billion on September 30, 2003.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a $2.7 billion community bank development company, with 30 individual bank charters operating in eight states. Capitol Bancorp Limited identifies opportunities for the development of new community banks, raises capital and mentors a community bank through its formative formative /for·ma·tive/ (for´mah-tiv) concerned in the origination and development of an organism, part, or tissue. stages. Each community bank has full local decision-making authority and is managed by an on-site president under the direction of a local board of directors composed of business leaders from the bank's community. Capitol Bancorp Limited was founded in 1988 and has headquarters in Lansing, Mich. and Phoenix, Ariz. The company was named to Fortune magazine's 100 fastest-growing small public companies in the country in July 2003.
CONTACT: Michael M. Moran, Chief of Capital Markets, +1-877-884-5662
Web site: http://www.capitolbancorp.com/