Printer Friendly

CAPITOL BANCORP DECLARES DIVIDEND

 LANSING, Mich., April 27 /PRNewswire/ -- At today's annual meeting of shareholders, Joseph D. Reid, Chairman and CEO of Capitol Bancorp Ltd. (NASDAQ-NMS: CBCL), announced the Corporation's first 1993 cash dividend. Mr. Reid said, "Based on review of the Corporation's first quarter operating results, a cash dividend of $.07 per share has been declared by the Board of Directors."
 The cash dividend is payable on June 1, 1993, to all shareholders of record as of May 15, 1993. The Corporation began paying cash dividends in 1992, totaling $.20 per share. In Fall 1992, the Corporation's Board of Directors adopted a new dividend policy which mandates quarterly review of operating performance of the Corporation and, if prudent, the declaration of quarterly dividends.
 Earlier this month, Mr. Reid announced the Corporation's record first quarter 1993 earnings of $500,000 ($.21 per share), significantly ahead of the corresponding 1992 period results of $323,000 ($.15 per share). At March 31, 1993, total assets of the Corporation approximated $232.5 million and 2,213,858 shares of common stock were outstanding.
 Capitol Bancorp has full service commercial banking subsidiaries in Lansing (Capitol National Bank), Portage (Portage Commerce Bank), Ann Arbor (Ann Arbor Commerce Bank) and Farmington Hills (Oakland Commerce Bank) and, also in Farmington Hills, is engaged in mortgage banking activities through Mortgage Connection, Inc.
 -0- 4/27/93
 /CONTACT: Joseph D. Reid, Chairman and CEO, Capitol Bancorp Ltd., 517-487-6555/
 (CBCL)


CO: Capitol Bancorp Ltd. ST: Michigan IN: FIN SU: DIV

ML -- DE016 -- 1264 04/27/93 10:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1993
Words:255
Previous Article:KMART CORPORATION BOARD DECLARES INCREASED COMMON STOCK DIVIDEND
Next Article:CHRISTIAN PURCHASING NETWORK, INC. ANNOUNCES PROFITABLE FIRST QUARTER
Topics:


Related Articles
INDEPENDENCE BANCORP DECLARES QUARTERLY DIVIDEND
JEFFERSON BANCORP, INC. ANNOUNCES CASH DIVIDEND
FIRST NATIONAL BANCORP DECLARES FIRST QUARTER DIVIDEND
FIRST NATIONAL BANCORP DECLARES SECOND QUARTER DIVIDEND
FIRST NATIONAL BANCORP ANNOUNCES THIRD QUARTER DIVIDEND
CAPITOL BANCORP LTD. ANNOUNCES FIRST CASH DIVIDEND
CAPITOL BANCORP INCREASES DIVIDEND
CAPITOL BANCORP LTD. ANNOUNCES THIRD QUARTER DIVIDEND
Capitol Bancorp Ltd. Announces Quarterly Cash Dividend
Capitol Bancorp Declares Dividend

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters