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

FOR IMMEDIATE RELEASE

CornerStone Bank, N.A. (In Organization) has announced that it has successfully completed its public offering by selling in excess of 940,000 shares of common stock. The offering of shares produced gross proceeds of over $9.4 million which will be used to provide initial capitalization for the area’s only locally owned and managed community bank, which is set to open in late January, 2009. 

“We are especially proud to have been able to successfully raise the funds necessary to capitalize the bank during these challenging economic times,” said David Grist, President and CEO of CornerStone Bank. “The commitment of our shareholders to support this endeavor speaks to their confidence in our business principles and philosophy. It is also an indicator that our community’s bank customers still believe in a financial institution grounded in fundamental principles and local values.”

The completion of the stock offering marks one of The Office of Comptroller of the Currency (OCC)’s and The Federal Deposit Insurance Corporation (FDIC)’s final regulatory requirements prior to opening the bank for business.

“We are expecting to be able to become fully operational and welcoming customers by the end of January,” continued Grist. “We have tremendous board leadership, an amazingly gifted staff and an exciting plan for the future.  The community will soon discover the power behind CornerStone Cares.”

Organizing Board members for the new bank include: 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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