Capitol Bancorp extends offer to exchange shares for units

By Jennifer Chiou

New York, Sept. 11 - Capitol Bancorp Ltd. announced the extension of its offer to exchange any and all outstanding shares of Capitol Development Bancorp Ltd. III, Capitol Development Bancorp Ltd. IV, Capitol Development Bancorp Ltd. V and Capitol Development Bancorp Ltd. VI for units.

The units consist of shares of trust preferred securities issued by Capitol Trust XII and shares of the company's series A noncumulative convertible perpetual preferred stock.

The offers will now end at 12:59 a.m. ET on Sept. 22 instead of Sept. 11.

Further details were not provided in the company's news release.

Capitol Bancorp is a Lansing, Mich., financial services provider.

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