LANSING and HOLLAND, MICH. -- In a joint announcement, Capitol Bancorp and Financial Center Corp. said that the merger of the two companies was approved by the shareholders of each.

Under the terms of the merger, $50 million-asset Financial Center, Holland, parent of Paragon Bank and Trust, will join $250 million-asset Capitol Bancorp, Lansing.

The merger, subject to regulatory approvals, is expected to be completed in Mid-June.

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