Business Briefs: Cornerstone boosts income

Business Briefs: Cornerstone boosts income

July 27th, 2013 by Staff Reports in Business Around the Region

Cornerstone Bank President Frank Hughes

Photo by Miranda Harple

Cornerstone boosts income

The parent company of Cornerstone Community Bank in Chattanooga boosted its net income in the second quarter by 27.5 percent over a year ago to $396,000. The spring period was the 10th consecutive quarter of profits for Cornerstone Bancshares Inc., which was battered during the recession and operated in the past under a regulatory consent order. The Chattanooga bank said Friday its assets grew 22 percent over a year ago and equity expanded by 12.7 percent with an average return on equity of 16.3 percent.

"We definitely have some positive momentum, and things are continuing to trend in the right direction," said Frank Hughes, CEO.

Distributor adds Double Cola

The Atlanta Beverage Co., a beer distributor in the western half of Georgia, has begun distributing Double Cola, Ski Citrus Soda, Chaser, and Quad energy drinks in metropolitan Atlanta and other parts of Georgia. Mitch Reed, director of sales for the Chattnaooga-based Double Cola Co., said the agreement is part of a growing distribution of Double Cola products by beer distributors around the country.