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.

 


Chamber To Host Speed Networking Membership Luncheon

There will be a speed networking luncheon at the Walker County Civic Center at 11:45 a.m. on Feb. 23.  The event is sponsored by The Meeting Company, with special guest and emcee (and Walker County resident) Kim Carson from Sunny 92.3 FM. "Attendees have the opportunity to network face-to-face with each guest, exchanging business cards and information about their ... (click for more)

Whitfield County Installs New Kiosk For Renewing Car Tags

A new kiosk for renewing car tags is being installed at the Walnut Avenue Kroger through the Georgia Department of Revenue and Whitfield County Tax Commissioner’s Office. That location, instead of the Cleveland Highway Kroger, was chosen after a study by the kiosk company discovered the most residents, by far, live nearby. “For several years, I’ve been trying to get the state ... (click for more)

Charges Will Not Be Filed Against Officers In Javario Eagle Case

District Attorney General Neal Pinkston said Wednesday he will not file charges against the six Chattanooga Police Department officers involved in the Dec. 12, 2015, fatal shooting of Javario Eagle.  His office said, "An investigation conducted by the Hamilton County Sheriff’s Office found use of deadly force by officers Lorin Johnston, Allen Griffith, Tim McFarland, Mitchell ... (click for more)

Medal Of Honor Museum Hopes To Finally Find Permanent Home At Coolidge Park

Officials of the National Medal of Honor Museum said Wednesday they hope to finally find a permanent home at Coolidge Park. Bill Raines said it is planned to build a two-story, 6,800-square-foot domed museum on two acres at the park. It will be dedicated to Medal of Honor recipient Charles H. Coolidge, who is now 94. There will be a sculpture of Mr. Coolidge - for whom the ... (click for more)

What Our Schools Are And Have Been Doing About Bullying

Bullying has been a widely discussed topic during the last few weeks in the wake of the incident involving the Ooltewah High basketball team.  Contrary to public opinion, Hamilton County Schools have not been passive in our efforts to address bullying now or for the past several years.  Unfortunately, bullying is a societal norm that is infiltrating our school community, ... (click for more)

Roy Exum: Grab The Reaching Hand

Three of Tennessee’s largest four cities are now searching for school superintendents. Jesse Register retired last June and, after botching the first attempt, Nashville city leaders are intensely helping the Board of Education in a search for the best candidate. In Knoxville and Chattanooga the superintendents have resigned, both under a cloud, and now the leaders of the ‘2.0’ initiative ... (click for more)