Capitol Bancorp Declares 58th Consecutive Quarterly Cash Dividend.LANSING, Mich. and PHOENIX, Jan. 31 /PRNewswire-FirstCall/ -- The Board of Directors of Capitol Bancorp Limited today announced the Corporation's 58th consecutive quarterly cash dividend at $0.25 per common share, consistent with last quarter's dividend and a 25 percent increase over the $0.20 dividend paid in the same period in 2006. The dividend is payable March 1, 2007, to shareholders of record as of February 13, 2007.
Capitol Bancorp's 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. , Joseph D. Reid, said the dividend payment reflects the Corporation's commitment to continue to grow responsibly while delivering compelling shareholder returns. "We added nine new community banks to our network last year and we are well-positioned to continue with a high level of disciplined, organic growth in 2007," said Reid.
Earlier this month the Corporation announced the opening of Bank of Tacoma, its third bank in Washington. Development efforts currently are underway in several states including California, Colorado, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Oregon, Texas and Washington.
The dividend declaration follows Capitol Bancorp's recent announcement of record fourth quarter 2006 earnings, exceeding $11 million, an increase of 14 percent over earnings reported for the same period in 2005. Earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) of $0.68, on a diluted basis, was also a quarterly record for Capitol Bancorp. Record year-end earnings exceeding $42 million represent an increase of approximately 18 percent over 2005's figure of $36 million, with record diluted EPS of $2.57, up 10 percent over the $2.34 reported at year-end 2005.
About Capitol Bancorp Limited
Capitol Bancorp Limited is a $4.1 billion national community bank development company, with a network of 50 separately chartered banks and bank operations in 14 states. It is the holder of the most individual bank charters in the country. Capitol Bancorp Limited identifies opportunities for the development of new community banks, raises capital for and mentors new community banks through their formative stages, and provides efficient services to its growing network of community banks. 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. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan “Lansing” redirects here. For other uses, see Lansing (disambiguation).
Lansing is the capital city of the U.S. state of Michigan, and the state's sixth largest city. , and Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. .
CONTACT: Michael M. Moran, Chief of Capital Markets, +1-877-884-5662, or Joal Redmond, Corporate Communications, +1-602-977-3797, both of Capitol Bancorp Limited
Web site: http://www.capitolbancorp.com/