Benefits
Capitol Bancorp Limited offers a very competitive benefits and compensation package to its employees, including the following:
Health Care: Capitol Bancorp Limited offers PPO health insurance plans to better meet the individual needs of its employees. Each plan has a three-tier pharmaceutical card. CBC also now offers a High Deductible Health Plan option. Employees under this HDHP plan can set up an HSA through a bank of their choice to fund medical expenses incurred.
This benefit is for employees working 30 hours or more per week.
Dental Insurance: Capitol Bancorp Limited offers a comprehensive dental insurance plan with orthodontic coverage for children and adults.
Vision Insurance: Capitol Bancorp Limited offers a vision plan which includes coverage for the employee and their family. The plan offers a user-friendly network of providers and provides contacts or glasses.
Flexible Spending Plan: This plan allows employees to save money by paying current eligible expenses on a pre-tax basis. Employees can elect specific dollar amounts for qualified medical expenses and/or for qualified dependent care.
Group Life Insurance: Capitol Bancorp Limited offers these benefits to all permanent full-time employees at no charge.
Supplemental Life Insurance (Voluntary): Employees can elect up to $300,000 in additional life insurance. Coverage for spouse and children is also available.
401(k): Capitol Bancorp Limited's 401(k) plan offers over 20 different types of investment vehicles, including Capitol Bancorp Limited stock. The company matches $.50 of every dollar up to 6% of compensation. Participants are 100% vested in the company match.
Tuition Reimbursement: Capitol Bancorp Limited encourages all employees to further their education and to increase their effectiveness in their present job. Tuition reimbursement is available to all full time employees who take courses related to their job. Educational assistance is available up to and including graduate classes. Employees can receive up to 75% in tuition reimbursement.
Direct Purchase and Dividend Reinvestment Plan: All employees of Capitol Bancorp Limited may make optional cash investments under Capitol Bancorp Direct, the Capitol Bancorp Limited Direct Purchase and Dividend Reinvestment Plan. With this plan employees can authorize automatic deductions from each paycheck for the purchase of Capitol Bancorp common stock.
Employee Stock Ownership Plan: Capitol Bancorp maintains an Employee Stock Ownership Plan (ESOP) for its employees and the employees of its participating subsidiaries. Contributions are made to the Plan at the discretion of Capitol's Board of Directors and are typically in the form of shares of CBC stock. In addition to the allocations, participants earn dividends on their shares while in the Plan.
Employee Assistance Services: Capitol Bancorp Limited offers employee assistance services through a third party to help employees deal with life’s everyday challenges or problems. Services are free to all employees and their dependents.