LANSING, Mich. and PHOENIX, Jan. 20, 2012 /PRNewswire/ -- Capitol Bancorp Limited ("Capitol") (OTCQB: CBCR) announced today the results of its reconvened annual meeting of shareholders held on Wednesday, January 18, 2012. More than 70 percent of Capitol's outstanding shares voted on the shareholder proposals. As recommended by the board of directors, the majority of votes cast were against the proposals, with 64 percent voting against the proposal to amend Capitol's articles of incorporation to require majority voting for the election of directors, more than 78 percent voting against the proposal to redeem the preferred stock purchase rights under Capitol's tax benefits preservation plan, nearly 76 percent voting against the proposal to implement a policy requiring that the board of directors be comprised of a two-thirds majority of independent directors, and more than 74 percent voting against the declassification of the board of directors.
About Capitol Bancorp Limited
Capitol is a national community banking company with a network of separately chartered banks in 11 states. Founded in 1988, Capitol has executive offices in Lansing, Michigan, and Phoenix, Arizona.
SOURCE Capitol Bancorp Limited