Capitol Bancorp begins exchange for 10.5% trust preferred securities

By Jennifer Chiou

New York, June 4 - Capitol Bancorp Ltd. announced the start of an offer to exchange up to 2,908,200 shares of its common stock for any and all of the outstanding 10.5% trust preferred securities of Capitol Trust XII.

The offer officially began on May 28 and will end at 12:59 a.m. ET on June 26.

For each $10.00 liquidation amount of the trust preferreds, the company will issue two common shares. No accrued interest will be paid in the offer.

Keefe, Bruyette & Woods, Inc. is Capitol's financial advisor in the exchange.

Capitol Bancorp is a Lansing, Mich., financial services provider, which also has executive offices in Phoenix, Ariz.

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