LANSING, Mich., and
PHOENIX, Ariz., Dec. 6, 2010 /PRNewswire-FirstCall/ -- Capitol
Bancorp Limited (NYSE: CBC) announced today that the New York Stock
Exchange (NYSE) has notified the corporation that it has fallen
below the NYSE's continued listing standard relating to the price
of its common stock. The NYSE requires that the average
closing price of a listed company's common stock be at least
$1.00 per share over a consecutive 30
trading-day period.
Under the NYSE's rules, Capitol has six months from the date of
the NYSE notice to have a closing share price and 30 trading-day
average share price of at least $1.00
in order to avoid the delisting of its shares. During this
period, Capitol's common stock will continue to be traded on the
NYSE, subject to Capitol's compliance with other NYSE continued
listing requirements. As required by the NYSE in order to
maintain the listing of its common shares, Capitol will notify the
NYSE of its intent to cure the price deficiency.
Capitol is currently exploring alternatives for curing the
deficiencies and restoring compliance with the continued listing
standards. Capitol's business operations, Securities and
Exchange Commission reporting requirements, credit agreements and
other debt obligations are unaffected by this notification.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $4.2 billion national community banking company
with a network of separately chartered banks in 14 states. Founded
in 1988, Capitol Bancorp Limited has executive offices in
Lansing, Michigan, and
Phoenix, Arizona.
SOURCE Capitol Bancorp Limited