published Thursday, April 26th, 2012

Cornerstone boosts earnings

Cornerstone Bancshares Inc., the parent company of Cornerstone Community Bank, boosted its first quarter profit nearly 42 percent over last year to $357,000. Cornerstone has reported net income for five consecutive quarters following hefty losses during 2008 and 2009.

The bank reported late Wednesday that it has raised $10.4 million in capital through its preferred stock offering launched in the fall of 2010 and has boosted its total risk-based capital ratio from 10.5 percent a year ago to 13 percent as of March 31.

“We are greatly encouraged by the continued progress we’ve made to raise capital, improve our underwriting and collection procedures, and produce positive earnings,” Cornerstone President Frank Hughes said.

about Staff Report...

Get breaking news from the Times Free Press on Twitter at or by visiting us on Facebook or Twitter at the right:

Other National Articles

videos »         

photos »         

e-edition »


Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.