/PRNewswire-FirstCall/ -- Capitol Bancorp Limited announced today that a Maricopa County Superior Court Judge awarded it more than
in compensatory damages and
in punitive damages. The defendants were a mortgage broker,
and his employers, and several escrow officers and their former employer, Capital Title Agency, Inc. The court found that the defendants knowingly falsified loan applications, down payments and bank account verifications to induce Capitol's subsidiary, Mesa Bank, to make over 40 residential construction loans. The judge awarded the Bank all of the damages it claimed and assessed
in punitive damages against Capital Title stating, "The court has never seen such intentional, outrageous, and fraudulent conduct by a fiduciary that did so much damage to its principal." The court also awarded
in punitive damages against mortgage broker Alexander.
Mesa Bank has since been merged into another subsidiary of Capitol, Sunrise Bank of
, which continues to serve the community banking needs of
and the surrounding areas.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities.
About Capitol Bancorp Limited
Capitol Bancorp Limited
(NYSE: CBC) is a
national community banking company with a network of separately chartered banks in 15 states. Founded in 1988, Capitol Bancorp Limited has executive offices in
Forward Looking Statement
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