Capitol Bancorp Ltd., which is trying to harvest capital by selling its unit banks, reported that it was undercapitalized by at least one measure at the end of the first quarter.

The $5.1 billion-asset company, which has headquarters in Lansing, Mich., and Phoenix, said Thursday that its leverage ratio was 3.23% as of March 31, leaving it undercapitalized. It was still adequately capitalized on a total risk-based and Tier 1 risk-based basis.

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