Cornerstone profits rise

Cornerstone profits rise

August 3rd, 2011 by Staff Report in Business Around the Region

The Chattanooga banking company Cornerstone Bancshares Inc., continued its recovery this spring, reporting its second consecutive quarter of profits on Tuesday.

Cornerstone said it earned $141,000 in the second quarter, up from $18,000 a year ago. Bank President Frank Hughes said Cornerstone "is definitely moving in the right direction," through a combination of additonal capital, improved loan quality and lower operating expenses.

Cornerstone has raised $7.2 million in capital through its year-old preferred stock offering and will extend the campaign until the end of the year, Hughes said.