Business Briefs: Levine retires from Cornerstone board

Business Briefs: Levine retires from Cornerstone board

September 27th, 2013 by Associated Press and Staff Report in Business Around the Region

Lawrence D. Levine

Lawrence D. Levine

Photo by Contributed Photo /Times Free Press.

Levine retires from Cornerstone board

After 18 years as a charter board member, Lawrence D. Levine has retired as a director for Cornerstone Bancshares, Inc. A native of Chattanooga, Levine is an Army veteran, former jewelry store operator and independent insurance broker who retired in 2011.

"Lawrence has been a pivotal part of Cornerstone since its beginnings," Cornerstone's chairman, Miller Welborn, said. "We are eternally grateful for his dedication, leadership and faithful service."

Founded in 1996, Cornerstone is a single-bank holding company, with $435 million in assets.

Mortgage rates fall to 2-month low

Average U.S. rates on fixed mortgages fell this week to their lowest point in two months.

The decline follows the Federal Reserve's decision last week to hold off slowing its monthly bond purchases. Mortgage buyer Freddie Mac says the average rate on the 30-year loan dropped to 4.32 percent from 4.50 percent last week. The average on the 15-year fixed loan declined to 3.37 percent from 3.54 percent.