Cornerstone Announces Termination Of Consent Order

Wednesday, September 05, 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.

 


Special Supreme Court Denies Hooker's Petition To Rehear

The Tennessee Special Supreme Court has issued an order denying John Jay Hooker’s Petition to Rehear the case in which he challenged the constitutionality of the state’s judicial selection process. Mr. Hooker filed the petition with the Court March 27, seeking a rehearing on the issue of the constitutionality of the Judicial Nominating Commission (JNC) under the Tennessee ... (click for more)

Next City Hosts Fifth Annual Vanguard Conference In Chattanooga, April 24-26

The national non-profit media organization Next City will host its fifth annual Vanguard conference in Chattanooga. Vanguard is an annual experiential urban leadership gathering of 40 of the best and brightest urban leaders under 40. These leaders are working to improve cities across sectors, including urban planning, community development, entrepreneurship, government, transportation, ... (click for more)

Catoosa Man Convicted Of Sexual Abuse Of 5 Young Girls Gets Life Plus 250 Years

A Catoosa County man convicted of the sexual abuse of five young girls and possession of child pornography has been sentenced to life plus 250 years. James Martin Ferris, 34, was found guilty after a recent trial. The day after his conviction, Judge Ralph Van Pelt set the sentence. Ferris on June 5, 2013, was indicted by the Catoosa County Grand Jury on 46 counts.   ... (click for more)

Jury Finds Glover Not Guilty Of Attempted Aggravated Robbery

A Criminal Court jury on Tuesday night found 22-year-old Imari Glover not guilty of the charge of attempted aggravated robbery. The trial only lasted several hours, and the panel deliberated about two hours. According to police, Glover and two friends made plans to rob the Moe's Southwest Grill on Gunbarrel Road on Nov. 17, 2010. However, they were stopped by police ... (click for more)

Use The Current Rail System Already In Place - And Response

Why spend $20 million or more on an unproven system to run from the Southside of Chattanooga when we already have the beginnings of a system?  The question apparently has surfaced of why the Choo Choo City doesn't have a rail line. We do have a rail line with the Tennessee Valley RR Museum and their hardware. And they already make runs from the Southside to close to Enterprise ... (click for more)

Roy Exum: Clemson Prayer And Much More

Clemson’s football program, which has won 11 games in each of the past two years and was ranked 8 th in the nation after whipping Ohio State in this year’s Orange Bowl, has just been “blind-sided.” The Freedom from Religion Foundation claims Coach Dabo Sweeney and his staff are doing far too much “to promote Christianity to their student athletes.” Clemson promptly roared back ... (click for more)