SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
REID JOSEPH D
(Last) (First) (Middle)
200 N. WASHINGTON SQUARE
(Street)
LANSING MI 48933
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CAPITOL BANCORP LTD [ CBC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman and CEO
3. Date of Earliest Transaction (Month/Day/Year)
09/17/2004
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/17/2004 M 100,001 A $25.1042 221,494 I Family LP
Common Stock 09/17/2004 F 84,526.69 D $29.7 136,967.31 I Family LP
Common Stock 09/17/2004 M 167,053 A (1) 167,053 D
Common Stock 09/17/2004 F 114,609.13 D $29.7 52,443.87 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (right to buy) $25.1042 09/17/2004 M 100,001 12/15/1997 12/15/2004 Common Stock 100,001 $0 0 I Family LP
Option (right to buy) $25.1042 09/17/2004 M 625 (2) (2) Common Stock 625 $0 0 D
Option (right to buy) $24.375 09/17/2004 M 635 01/26/1998 01/23/2005 Common Stock 635 $0 0 D
Option (right to buy) $22.3958 09/17/2004 M 71 03/03/1998 03/03/2005 Common Stock 71 $0 0 D
Option (right to buy) $23.5417 09/17/2004 M 6,420 (3) (3) Common Stock 6,420 $0 0 D
Option (right to buy) $20.7292 09/17/2004 M 1,350 (4) (4) Common Stock 1,350 $0 0 D
Option (right to buy) $22.1875 09/17/2004 M 3,938 08/04/1998 08/04/2005 Common Stock 3,938 $0 0 D
Option (right to buy) $19.375 09/17/2004 M 868 09/01/1998 09/01/2005 Common Stock 868 $0 0 D
Option (right to buy) $17.2308 09/17/2004 M 2,539 (5) (5) Common Stock 2,539 $0 0 D
Option (right to buy) $17.5 09/17/2004 M 931 12/04/1998 12/04/2005 Common Stock 931 $0 0 D
Option (right to buy) $21 09/17/2004 M 1,958 (6) (6) Common Stock 1,958 $0 0 D
Option (right to buy) $12.625 09/17/2004 M 22,321 (7) (7) Common Stock 22,321 $0 0 D
Option (right to buy) $13.477 09/17/2004 M 24,974 09/30/1999 09/30/2006 Common Stock 24,974 $0 0 D
Option (right to buy) $10.848 09/17/2004 M 13,872 01/31/2000 01/31/2007 Common Stock 13,872 $0 0 D
Option (right to buy) $12.5005 09/17/2004 M 666 03/13/2000 03/13/2007 Common Stock 666 $0 0 D
Option (right to buy) $12.5 09/17/2004 M 112 04/07/2000 04/07/2007 Common Stock 112 $0 0 D
Option (right to buy) $11 09/17/2004 M 29,642 05/08/2000 05/08/2007 Common Stock 29,642 $0 0 D
Option (right to buy) $11.625 09/17/2004 M 413 06/20/2000 06/20/2007 Common Stock 413 $0 0 D
Option (right to buy) $9.878 09/17/2004 M 55,718 12/31/2000 12/31/2007 Common Stock 55,718 $0 0 D
Explanation of Responses:
1. The shares were acquired from options exercised at the following exercise prices: 625 shares at $25.1041; 635 shares at $24.375; 71 shares at $22.3958; 6,420 shares at $23.5417; 1,350 shares at $20.7292; 3,938 shares at $22.1875; 868 shares at $19.375; 2,539 shares at $17.2308; 931 shares at $17.50; 1,958 shares at $21.00; 22,321 shares at $12.625; 24,974 shares at $13.477; 13,872 shares at $10.848; 666 shares at $12.5005; 112 shares at $12.50; 29,642 shares at $11.00; 413 shares at $11.625; 84,672 shares at $16.40; and 55,718 shares at $9.878.
2. 317 options have an exercisable date of 12/1/1997 and an expiration date of 12/1/2004, and 308 options have an exercisable date of 12/16/1997 and an expiration date of 12/16/2004.
3. 559 options have an exercisable date of 4/9/1998 and an expiration date of 4/9/2005, and 5,861 options have an exercisable date of 5/1/1998 and an expiration date of 5/1/2005.
4. 793 options have an exercisable date of 7/15/1998 and an expiration date of 7/15/2005, 424 options have an exercisable date of 7/16/1998 and an expiration date of 7/16/2005, and 133 options have an exercisable date of 7/21/1998 and an expiration date of 7/21/2005.
5. The options have the following exercisable/expiration dates: 191 options, 11/11/1998 - 11/11/2005; 211 options, 11/12/1998 - 11/12/2005; 1,037 options, 11/13/1998 - 11/13/2005; 318 options, 11/16/1998 - 11/16/2005; 571 options, 11/23/1998 - 11/23/2005; 211 options, 11/30/1998 - 11/30/2005.
6. The options have the following exercisable/expiration dates: 882 options, 12/4/1998 - 12/4/2005; 988 options, 12/9/1998 - 12/9/2005; 88 options, 12/22/1998 - 12/22/2005.
7. 139 options have an exercisable date of 9/9/1999 and an expiration date of 9/9/2006, and 22,182 options have an exercisable date of 9/24/1999 and an expiration date of 9/24/2006.
Remarks:
Joseph D. Reid 09/20/2004
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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