April 7, 2011

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

Lexington, Virginia ---- CornerStone Bank continued to make history with the April 11, 2011 opening if its new landmark headquarters building, 54 South Main Street, at the corner of Main and Nelson Streets in downtown Lexington, Virginia. Located on Lot # 1 the new building is one of only a few newly constructed to be built in downtown Lexington in the last 100 years.  

Designed by Baskervill, the exterior architecture blends the historical character of the corridor with contemporary components. Wood, glass and stone elements are used throughout the three floors of the building and the lobby features a striking circular soffit.

Construction of the building was managed by Coleman-Adams. Housed within the 9,384 square feet are the retail, lending and operational areas for the current staff of 18 employees, with space enough to accommodate up to 40 employees in the future. There are two drive-thru areas and an ATM machine is located at the front of the building on Main Street.

“This is more than just a headquarters for CornerStone Bank,” said T. David Grist, Chief Executive Officer and President. “It is a tribute to those who have provided community banking in the past and a symbol of a return to that kind of caring and dedicated service to customers. It is also a building that we hope will represent the exciting potential for this area’s financial, economic and civic prosperity.”

The only locally owned and managed bank in the market, CornerStone initially made history as the first new bank in Virginia to open in 2009, at the height of the nation’s economic crisis. The opening came after the Board of Directors raised over $9,000,000 in start-up capital, with approximately 180 individual stock purchases.

Since opening, CornerStone Bank has created a solid position within the Lexington/Buena Vista/Rockbridge County financial landscape, with total assets of $63,470,000 at year-end 2010, and a market share of over 7%. In addition to opening the new headquarters building, CornerStone recently announced that, effective May 1, 2011, it will lease the banking office at the College Square Shopping Center in Lexington, and open an ATM at the location.

“Since we have opened, this community has embraced the CornerStone Cares philosophy,” continued Grist. “Individuals and businesses have demonstrated their support by becoming shareholders, customers and advocates for a new kind of banking. We are grateful to be able to share our new headquarters building with those who have joined with us in this journey and those to whom we can provide banking services to in the future.”

The public is invited to an Open House for CornerStone Bank’s new building, Wednesday, April 13th, Thursday, April 14th and Friday, April 15th during regular business hours.

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.
For more information, visit www.cornerstonebankva.com.

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