Item 2.02. Results of Operations and Financial Condition.

On April 17, 2009, Capitol Bancorp Ltd. ("Capitol") issued a press release announcing first quarter 2009 earnings. A copy of this press release is attached as Exhibit 99.1 to this Item 2.02.

Item 8.01. Other Events.

Capitol announces that it has elected to defer regularly scheduled quarterly interest payments on Capitol's junior subordinated debentures ("Debentures"). The Debentures are owned by Capitol Trust I through XII (the "Trusts") and were funded by the Trusts' issuance of trust preferred securities ("Debt Securities"). The total estimated annual interest that would be payable on the Debentures and the underlying Debt Securities, if not deferred, is approximately $14 million.

The terms of the Debentures and trust indentures (the "Indentures") allow for Capitol to defer payment of interest on the Debt Securities at any time or from time to time for up to 20 consecutive quarters provided no event of default (as defined in the Indentures) has occurred and is continuing. Capitol is not in default with respect to the Indentures, and the deferral of interest does not constitute an event of default under the Indentures. While Capitol defers the payment of interest, it will continue to accrue the interest expense owed at the applicable interest rate. Upon the expiration of the deferral, all accrued and unpaid interest is due and payable. During the deferral period, Capitol may not declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock. Suspension of the common stock dividend will conserve an additional $3.5 million on an annualized basis.