Lansing-based Capitol Bancorp, which started as a small,
hometown bank, continues to make investors happy with a record breaking $4.7 billion in total assets.
According to excerpts from the article:
Basic and diluted earnings per share (EPS) were both
$0.35 for the third quarter of 2007, compared to $0.37 on a linked-quarter
basis and $0.68 and $0.66, respectively, for the third quarter of 2006.
Consolidated assets approximated $4.7 billion at September 30, 2007, a 21
percent increase when compared to $3.9 billion a year ago.
Total portfolio loans approximated $4 billion, increasing
22 percent year-over-year, when compared to the $3.3 billion reported at
September 30, 2006, and reflecting 24 percent growth, annualized, on a
linked-quarter basis. Total deposits, approximating $3.7 billion, reflect an 18
percent increase over the approximate $3.1 billion reported in 2006.
Capitol Bancorp's Chairman and CEO Joseph D. Reid said,
"The first three quarters of 2007 have provided significantly weaker
results for banks in the Great Lakes Region, but we continue with our efforts
to minimize regional effects in the future through our commitment to national
development. Our geographic diversification initiatives were implemented more
than a decade ago to mitigate the types of challenges that we continue to face
in the Great Lakes Region, particularly in Michigan. Adherence to our objective to
develop our community bank network nationally will provide greater earnings
stability in future periods.”
Read the entire article here.
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