Cornerstone Announces Termination Of Consent Order

Wednesday, September 5, 2012

Cornerstone Bancshares, Inc. (Over-the-Counter Bulletin Board: CSBQ; CSBQP), the holding company of Cornerstone Community Bank (Bank), on Wednesday announced the termination of the Consent Order, dated April 2, 2010, between the bank and the Federal Deposit Insurance Corporation (FDIC).  The Consent Order, related to strengthening the bank’s capital position and improving asset quality, was lifted after regulators determined the bank had met all regulatory requirements and successfully raised in excess of $12 million in capital through a Preferred Stock Offering (Offering).

 

 

“This is a significant event for Cornerstone and testament to the hard work of our entire team, at all levels,” said Cornerstone’s President and CEO Frank Hughes. “While we’re pleased that the regulators have recognized and acknowledged the progress made, we will continue to work diligently to improve our asset quality, clean up the balance sheet and continue on this path to greater profitability.”

 

Cornerstone recently reported its sixth consecutive quarter of positive earnings and has paid the quarterly dividend on its Preferred Stock, based on those six quarters.  Launched in the third quarter of 2010, the Offering features a Series A Convertible Preferred Stock with a 10 percent annual, cumulative dividend.   

 

“We are fortunate to be located in such a thriving, progressive market as Chattanooga, where there is great opportunity for a strong community bank,” said Cornerstone’s Chairman Miller Welborn.  “Our goal is to continue serving our customers and building on Cornerstone’s solid foundation for the future.”

 

Founded in 1996, Cornerstone is a single-bank holding company, with $421 million in assets, serving the Chattanooga, Tn. MSA, with five full-service branch locations throughout Chattanooga and one loan production office in Dalton, Ga. Locally owned and locally operated, Cornerstone specializes in providing a comprehensive range of customized financial solutions for businesses and individuals.

 


Justin Robinson State Farm Celebrates Grand Opening Feb. 2

Justin Robinson State Farm will celebrate a grand opening with a ribbon cutting ceremony on Thursday, Feb. 2, at 11 a.m. at 1459 North Mack Smith Road.  The Chattanooga Area Chamber of Commerce will co-host this event with Justin Robinson State Farm.  Mr. Robinson said he has made it his life goal to serve the East Ridge and Chattanooga community with his ... (click for more)

EPB's Fiberoptic Venture Continues To Boost Electric Side

EPB's venture into phone, television and Internet continues to boost its electric side - putting $11.8 million in profits onto the ledger already this fiscal year. Greg Eaves, chief financial officer, said the profit by the end of the fiscal year should be between $18 million and $19 million. Electrical sales have been doing well on their own. Mr. Eaves said sales in December ... (click for more)

Alabama Man Faces Murder Charge In Shooting Death At Bradley County Landfill

An investigation by  s pecial agents with the Tennessee Bureau of Investigation has resulted in the arrest of an Alabama man in a shooting death that occurred last fall at the Bradley County landfill.   At the request of 10 th  District Attorney General Steve Crump, last Sept. 8 TBI special agents began investigating a shooting death that occurred that ... (click for more)

Man Shot In East Lake Winds Up Facing Several Criminal Charges

Police said a man who was shot on Sunday morning in East Lake was assaulting the woman who shot him and others immediately before the gunfire.   Police said 29-year-old Latesha Hinton would not be charged in the shooting of Dieshunn Lindsey, 30. At approximately  10:50 a.m.,  officers with the Chattanooga Police Department responded to the 2700 block of ... (click for more)

Proud Of Chattanooga And The Women's March

I was very happy to participate in the Women’s March on Chattanooga yesterday afternoon. The diversity and the sheer numbers of women, men and children were incredible. One estimate was at least 3,000. Standing together with all of these like-minded souls was overwhelming and humbling.  I have rarely been so happy and so proud of my town.  One question is, why is ... (click for more)

Roy Exum: Washington’s Favorite

By the time darkness fell over Washington, D.C., on Sunday, it had clearly been a monumental weekend. On Friday Donald Trump had ben inaugurated as the 45 th President of the United States. On Saturday a fierce crowd of a half-million women who each are entitled to have the identical rights as men in the same United States, marched on The Mall. And then, the Washington Post printed ... (click for more)