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.

 


Alexander: Energy Committee Approval Of Basic Energy Research Programs, Development Of Supercomputers Will Help Maintain U.S. “Brainpower Advantage”

Senator Lamar Alexander voted Thursday in committee for the bipartisan “Energy Policy Modernization Act of 2015,” which passed the Senate Energy & Natural Resources Committee by a vote of 18 to 4. The bill includes a number of proposals offered by Alexander. Sen. Alexander said: “I commend Chairman Murkowski’s leadership of the Energy committee in crafting a bipartisan ... (click for more)

Supreme Court On Track To Maintain Full Docket

Chief Justice Sharon G. Lee said the Tennessee Supreme Court will continue to serve at the same level of operation while the executive and legislative branches work out the details of appointing and confirming a replacement for retiring Justice Gary R. Wade.  “There have been many occasions with vacancies on this Court before – including in the last decade,” Chief Justice ... (click for more)

Zaxby's To Go In Across From Bass Pro Shop At New I-75 Exit 1 Development In East Ridge

A new Zaxby's will be built across from Bass Pro Shop at I-75's Exit 1 in East Ridge, developer John Healy said Thursday night. He said other restaurants and hotels are also coming to the Jordan Crossing site at the entrance to Camp Jordan Park. Mr. Healy said he hopes to make a "significantly larger" announcement soon. The East Ridge City Council, at a special called meeting, ... (click for more)

Young Man Involved In Incident That Led To A Murder Gets Diversion, Praise For Testifying

A young man who was involved in an incident that led to a murder has been given diversion and praised for testifying against co-defendants. Criminal Court Judge Barry Steelman said a conviction for facilitation of an aggravated robbery can be expunged if Dustin Hayes gets in no further trouble for six years. The judge said, "We wouldn't be dealing with 40 shootings a year ... (click for more)

The Silence Is Deafening - And Response

In this week’s news cycle we have the international uproar over the killing of Cecil the lion. In the same time most national news outlet refuse to even mention the undercover videos of so call doctors and technicians discussing the harvesting, processing and sale of human baby body parts.  The argument by those liberal, progressive Democrats has been that the “fetus” was ... (click for more)

Roy Exum: They Still Love The ‘Lickers’

When Congressman Ted Yoho (R-Fl.) introduced the 2015 version of the “Prevent All Soring Tactics” in Congress this week, he already had a bipartisan crowd of 50 Republicans and 50 Democrats as co-sponsors. That’s hardly amazing. Today there are over 280 organizations, associations, veterinary and animal advocates who vehemently support the legislation, because it is well documented, ... (click for more)