Cornerstone Bancshares, Inc., parent company of Chattanooga-based Cornerstone Community Bank, announced the payment of its next quarterly Preferred Series A Stock dividend. The payment is scheduled to be made on Aug. 30, to all of its Preferred Series A shareholders of record as of March 31.
This marks the sixth consecutive quarterly payment of the Preferred dividend, since Cornerstone launched the Preferred Stock Offering (“Offering”) in the third quarter of 2010. To date, Cornerstone has raised nearly $13 million in capital through the Offering, which features a convertible Preferred security with a 10 percent annual, cumulative dividend, paid in cash quarterly if, as and when declared.
Founded in 1996, Cornerstone is a single-bank holding company, with $421 million in assets, serving the Chattanooga, Tennessee 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.