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.

 


McKee Foods Hosts Job Fair At Holiday Inn Express

McKee Foods , in conjunction with HTI Employment Solutions, will be hosting a job fair at the Holiday Inn Express-Ooltewah Springs to fill immediate, direct hire openings. HTI will be accepting applications and conducting interviews with qualified candidates on Tuesday, from 10 a.m.–7 p.m. McKee and HTI will be recruiting for direct hire packaging technicians on first and ... (click for more)

Baker Donelson Earns Top Marks In 2017 Corporate Equality Index

Baker Donelson received a perfect score of 100 percent on the 2017 Corporate Equality Index, a national benchmarking survey and report on corporate policies and practices related to LGBT workplace equality, administered by the Human Rights Campaign Foundation. Baker Donelson joins the ranks of 517 major U.S. businesses that also earned top marks this year.  "Baker Donelson ... (click for more)

Valerie Bray Pleads Guilty In Death Of Well-Known Runner Cameron Bean

A long-time Moccasin Bend Hospital employee pleaded guilty on Tuesday morning in connection with the death of well-known runner Cameron Bean. Ms. Bray pleaded guilty to criminally negligent homicide and leaving the scene of an accident with a fatality involved. Defense attorney Bill Speek said she faces one-two years on each charge at a sentencing hearing on Feb. 1 at 1:30 ... (click for more)

Officer Who Was Shot Returned Fire; Is Recovering Well; Shooter Still On Loose

Chattanooga Police Chief Fred Fletcher said Monday morning that the officer who was shot three times on Thursday is recovering well.   Chief Fletcher said the officer was wearing a bullet-proof vest and one bullet hit the vest, which protected him during the shooting.  The officer was able to return fire, although Chief Fletcher would not comment on how many bullets ... (click for more)

Signal Mountain Couldn't Manage Public Education

I have been reading the buzz about Signal Mountain and other small municipalities considering a move to form their own school district within their municipal boundaries.  It is quite the comedy hour considering the notion that small cities that for decades could not even manage small sewer systems or 911 districts, are somehow going to do a better job with public education ... (click for more)

Roy Exum: Abolish Bail For Poor

Our terribly overcrowded Hamilton County Jail may get some help from an unsuspected corner – the Obama administration is tackling the fact that right now over 450,000 people are in our country’s jails because they are too poor to pay for bail. It is a violation of the Constitution to “punish people for their poverty.” As the Eighth Amendment provides, “… excessive bail ought not ... (click for more)