February 24, 2009

FOR MORE INFORMATION CONTACT DAVID GRIST, 540-463-2222
FOR IMMEDIATE RELEASE

Lexington, Virginia ---- CornerStone Bank, N.A. made history as one of the first new banks in the nation and the first in Virginia to open in 2009. The Office of Comptroller of the Currency (OCC) issued its approval Tuesday, February 17, 2009 for the bank to open for business. CornerStone’s Board of Directors and shareholders met on Monday, February 16, 2009 to complete the final phase of regulatory requirements. The meeting was the bank’s second shareholder meeting held after successfully selling in excess of 940,000 shares of common stock, producing gross proceeds of over $9.4 million.

“These are unprecedented times in the financial industry,” said David Grist, President and CEO of CornerStone Bank. “Our ability to raise the necessary capital, without the use of investment bankers or venture capitalists, speaks to the caliber and commitment of our board. It also demonstrates the desires of shareholders and customers to return to the honesty, integrity, accessibility and convenience of a community based bank,” continued Grist.  “Clearly, the time has come for the kind of caring service that can be provided by this area’s only locally owned and managed bank. "

In addition to the OCC approval, CornerStone Bank is the first bank in Virignia to receive approval in 2009 from the Federal Deposit Insurance Company (FDIC), the federal agency that provides insurance protection for deposits.
CornerStone Bank will hold a Grand Opening for the public, Saturday, February 28th at its location in the Rockbridge Square Shopping Center. Beginning at 10:00 a.m., there will be food, entertainment and prizes. The official ribbon cutting ceremony will be held at noon and a Grand Prizing drawing for $1,000 at 2:00 p.m.

“CornerStone is proud to offer our customers products and services that blend innovative technology with traditional values,” continued Grist. “We are honored to be a part of this community and are looking forward to demonstrating how ‘CornerStone Cares’.”

Board members for CornerStone Bank are: Jay Melvin, Chairman, Thomas Beebe, Ugo Benincasa, Bradley Claeys, Robert Dahl, J. Steven Grist, David Grist, David J. Hansen, Keith W. Holland, Rick Mast, Eric Spencer, Danny Thornton, and Wesley Woods.

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