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                                                                     EXHIBIT 4.8

         This Preferred Security is a Global Certificate within the meaning of
the Trust Agreement hereinafter referred to and is registered in the name of
The Depository Trust Company, a New York Corporation ("DEPOSITORY TRUST
COMPANY") or a nominee of DEPOSITORY TRUST COMPANY.  This Preferred Security is
exchangeable for Preferred Securities registered in the name of a person other
than DEPOSITORY TRUST COMPANY or its nominee only in the limited circumstances
described in the Trust Agreement (as defined below) and no transfer of this
Preferred Security (other than a transfer of this Preferred Security as a whole
by DEPOSITORY TRUST COMPANY to a nominee of DEPOSITORY TRUST COMPANY or by a
nominee of the DEPOSITORY TRUST COMPANY to DEPOSITORY TRUST COMPANY or another
nominee of DEPOSITORY TRUST COMPANY) may be registered except in limited
circumstances.

         Unless this Preferred Security is presented by an authorized
representative of  DEPOSITORY TRUST COMPANY to Capitol Trust I or its agent for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co., or such other name as is requested by an
authorized representative of DEPOSITORY TRUST COMPANY (and any payment hereon
is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.


Certificate Number                              Number of Preferred Securities
      P-1

                                                 CUSIP NO.

          Certificate Evidencing Cumulative Trust Preferred Securities
                                       of
                                Capitol Trust I

                  _____% Cumulative Trust Preferred Securities
                (liquidation amount $10 per Preferred Security)


         Capitol Trust I, a statutory business trust created under the laws
of the State of Delaware (the "Trust"), hereby certifies that CEDE & CO. (the
"Holder") is the registered owner of ___________________________ (_______)
preferred securities of the Trust representing undivided beneficial interests
in the assets of the Trust and designated the ____% Cumulative Trust Preferred
Securities (liquidation amount $10 per Preferred Security) (the "Preferred
Securities").  The Preferred Securities are transferable on the books and
records of the Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer as
provided in Section 504 of the Trust Agreement (as defined below).  The
designations, rights, privileges, restrictions, preferences, and other terms
and provisions of the Preferred Securities are set forth in, and this
certificate and the Preferred Securities represented hereby are issued and
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shall in all respects be subject to the terms and provisions of, the Amended
and Restated Trust Agreement of the Trust dated as of December __, 1997, as the
same may be amended from time to time (the "Trust Agreement"), including the
designation of the terms of Preferred Securities as set forth therein.  The
Holder is entitled to the benefits of the Preferred Securities Guarantee
Agreement entered into by Capitol Bancorp Ltd., a Michigan corporation, and The
First National Bank of Chicago, as guarantee trustee, dated as of December __,
1997 (the "Guarantee"), to the extent provided therein.  The Trust will furnish
a copy of the Trust Agreement and the Guarantee to the Holder without charge
upon written request to the Trust at its principal place of business or
registered office.

         Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

         IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust
has executed this certificate this ____ day of December, 1997.


                                        CAPITOL TRUST I


                                        By ____________________________________
                                           Name:
                                           Title:  Administrative Trustee





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