Capitol Bancorp Ltd. of Lansing, Mich., announced Tuesday that it plans to offer $30 million of trust-preferred securities.
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The $5.1 billion-asset Capitol also said the six managing underwriters for the offering would have a 30-day option to purchase up to $4.5 million more.
The company said the proceeds would be used to support its continued growth and for general corporate purposes. Capitol operates 64 separately chartered banks in 17 states, including 11 it opened last year.
