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CAPITOL BANCORP LTD. REPORTS EARNINGS

 LANSING, Mich., April 15 /PRNewswire/ -- Today, Joseph D. Reid, chairman and CEO of Capitol Bancorp Ltd. (NASDAQ-NMS: CBCL), announced the corporation's first quarter 1993 operating results. Mr. Reid said, "The first quarter 1993 net income of $500,000 ($.21 per share) is the highest in the Corporation's history, marking the eighth consecutive quarterly period of improving or steady pretax income. Our first quarter operating results compare very favorably to net income of $323,000 ($.15 per share) for the corresponding period of 1992 and slightly better than the $475,000 ($.20 per share) earned during the concluding quarter of 1992."
 Additionally, he stated, "Each of our operating units reported strong earnings, consistent with the overall banking industry, exceeding budgeted expectations. Stable economic conditions and sustained asset quality, coupled with steady interest rates, were major factors in the consistent earnings improvement. Our most recent acquisitions, Oakland Commerce Bank and Mortgage Connection, Inc., located in Farmington Hills and acquired in 1992, contributed very favorably to consolidated earnings."
 At March 31, 1993, total assets of the Corporation approximated $232.5 million. In addition to its banking units, the Corporation's mortgage subsidiary, Mortgage Connection, Inc., services a mortgage portfolio in excess of $400 million.
 In addition to Oakland Commerce Bank, Capitol Bancorp has full service commercial banking subsidiaries in Lansing (Capitol National Bank), Portage (Portage Commerce Bank) and Ann Arbor (Ann Arbor Commerce Bank) and is also engaged in mortgage banking activities through Mortgage Connection, Inc.
 CAPITOL BANCORP LTD.
 Financial Highlights
 (In thousands, except share and per share data)
 Three Months Ended
 March 31
 1993 1992
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 Interest income $4,225 $3,145
 Interest expense 1,957 1,589
 Net interest income 2,268 1,556
 Provision for loan losses 153 110
 Net interest income after provision
 for loan losses 2,115 1,446
 Noninterest income 641 162
 Noninterest expense 2,034 1,141
 Income before federal income taxes 722 467
 Federal income taxes 222 144
 Net income $500 $323
 Net income per share $0.21 $0.15
 Weighted average number of common shares
 outstanding 2,207,967 2,204,589
 Number of common shares and common share
 equivalents for purposes of net
 income per share 2,393,410 2,204,589
 March 31 Dec. 31
 1993 1992
 BALANCE SHEET DATA
 Total assets $232,487 $226,096
 Portfolio loans 160,806 158,469
 Deposits 207,152 201,762
 Debt obligations 3,839 3,839
 Stockholders' equity 17,096 16,545
 Number of common shares outstanding 2,213,858 2,205,675
 -0- 4/15/93
 /CONTACT: Joseph D. Reid, Chairman and CEO, or Linda D. Pavona, Assistant Vice President, Capitol Bancorp Ltd., 517-487-6555/
 (CBCL)


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

ML -- DE008 -- 6336 04/15/93 14:42 EDT
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Date:Apr 15, 1993
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