Cornerstone Posts Another Profitable Quarter

Monday, July 29, 2013
Frank Hughes
Frank Hughes

Cornerstone Bancshares, Inc., parent company of Cornerstone Community Bank, reported Monday continued positive earnings for the second quarter of 2013, with a net income of approximately $396,000 for the quarter ended June 30.  This marks the tenth consecutive quarter of positive earnings for Cornerstone and represents a 27.5 percent increase in net income year-over-year.

Average assets grew 4.3 percent and the return on average assets increased 22 percent for the quarter, compared with the same quarter the previous year.  Average equity increased 12.7 percent, and the return on average equity increased 16.3 percent.  Market value per common share was $2.01 as of June 30, 2013, a 14.9 percent increase in value over the previous year.   

Other improvements year-over-year at quarter’s end include: increase in total assets, increase in total loans, increase in total deposits and increase in net interest margin.

“We definitely have some positive momentum, and things are continuing to trend in the right direction,” said Cornerstone’s President Frank Hughes.  “Our main priorities for the immediate future are focusing on core Chattanooga relationships and loan growth.” 

Founded in 1996, Cornerstone is a single-bank holding company, with $435 million in assets, serving the Chattanooga with five full-service branch locations throughout Chattanooga and one loan production office in Dalton. Locally owned and locally operated, Cornerstone specializes in providing a comprehensive range of customized financial solutions for businesses and individuals.


BlueCross Names Medalie Director Of Major Account Management

BlueCross BlueShield of Tennessee has selected Jonathan Medalie as director of major account management.  In this role, Mr. Medalie will oversee major and corporate account management operations and develop and maintain regional broker relationships.  Mr. Medalie most recently served with BlueCross of Idaho, where he was director of sales and account management. ... (click for more)

TVA To Hold Public Meeting In Nashville On Draft Integrated Resource Plan

The Tennessee Valley Authority will host a public meeting in Nashville on Tuesday about the newly released draft of its 2015 Integrated Resource Plan, a guide to TVA’s energy planning decisions for the next 20 years. The meeting, the sixth of seven TVA will offer around the Valley, will be held at the Loew’s Vanderbilt Hotel, Kirkland/Calhoun Room, 2100 West End Ave.  The ... (click for more)

Prominent Business, Civic Leader, And Philanthropist Scotty Probasco Dies At 86

Prominent Chattanooga business, civic leader and philanthropist Scotty Probasco has died at the age of 86. Scotty, as he was affectionately greeted by most of Chattanooga, was known for his modesty, generosity, dependability, and unswerving loyalty. “Great work” was always on the tip of his tongue – a manifestation of his joyous humility. He was a man of high ideals, of kind ... (click for more)

Chemical Odor In Lookout Valley Traced To Chattanooga Tank Wash

Chattanooga firefighters in Lookout Valley were sent out Friday night to investigate reports of a strange odor in the area. The firefighters searched the area, but never found the source of the odor.  John Schultz, an investigator with the Air Pollution Control Bureau, was also out Friday night and eventually tracked the source of the odor to a business, the Chattanooga ... (click for more)

Proud Of Hometown Boy Turned Global Leader, Bob Corker

Time Magazine has it right.  Not only is Chattanooga’s own U.S. Senator Bob Corker one of the “100 Most Influential People in the World,” but he is probably now the most prominent leader in the history of our city.   At a time of extreme frustration with Washington and Congress in general, Bob continues to rise above the division and rancor to build consensus and solve ... (click for more)

Roy Exum: Great Work, Ol’ Pro!

Years ago I was lucky enough to be the seatmate of Scotty Probasco on an airplane bound for somewhere and he taught me a word that has helped me be a much better person than I ever thought I could. We were already swell friends, since he’d watched me grow up at First Presbyterian Church every Sunday with his kids, and he liked some of the stuff I tried to write back then. So ... (click for more)