Capitol Bancorp Ltd. common stock is now being traded over the counter.
The $4.2 billion-asset company said Wednesday that, after failing to comply with minimum market capitalization and minimum stock price rules, its shares would no longer trade on the New York Stock Exchange.
The company, with dual headquarters in Lansing, Mich. and Phoenix, also said in a press release that it has applications pending with OTC Markets Group Inc., the marketplace for unlisted stocks, to list two of its trust-preferred securities.
In a Jan. 19 press release, the company said it doesn't expect the change to affect its ongoing effort to exchange its trust-preferred shares for common equity.
Separately, TIB Financial Corp. in Venice, Fla., on Thursday said it had raised $8 million through a subscription rights offering, which will allow the $1.7 billion-asset company to continue listing on the Nasdaq Capital Market. The company had received a written notice from the Nasdaq in December warning that it had fallen out of compliance with listing rules.
