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Shareholders Hear Reports At Meeting
CornerStone Bank continued to generate growth in multiple areas during 2023, its shareholders were informed during the bank’s annual shareholders’ meeting last month.
“Despite higher interest rates and inflation, CornerStone was able to achieve balance sheet growth and income statement profitability in 2023,” said Zirkle Blakey, chief financial officer. “The income results in 2023 contributed to the board of directors’ decision to pay the bank’s fifth cash shareholder dividend in December 2023.”
Blakey said CornerStone continued to generate solid organic growth in 2023 in its loan portfolio, deposit base, and total assets. The bank reported $214,188,670 in total assets as of Dec. 31, 2023, an increase of approximately $4,252,000 over 2022.
The shareholders’ meeting was held May 16 at the Virginia Horse Center Mezzanine. Jay Melvin, chairman of the bank’s board of directors, conducted the meeting for both in-person and virtual shareholder attendees.
During the business portion of the meeting, shareholders cast ballots and voted affirmatively on three proposals. Current board members Bradley A. Claeys, Keith W. Holland and Daniel P. Thornton were reelected to three-year terms to serve. In addition, shareholders ratified Yount, Hyde & Barbour, P.C. as the bank’s independent auditors for 2024, and approved an amendment to the bank’s articles of incorporation to authorize 500,000 shares of preferred stock.
It was following the business portion of the meeting that Blakey shared results from 2023, and then President and CEO Steve Grist looked ahead.
Grist began his remarks by reminding shareholders of the bank’s three guiding principles – safety and soundness, profitability, and growth.
“Safety and soundness pertain to CornerStone’s financial position, the operational controls and risk management practices we have in place, and our compliance with banking regulations,” Grist stated. “Our profitability and growth enable us to have the resources necessary to better serve our customers, employees, shareholders, and community.
“The bank’s focus in 2024 is on creating long-term value for shareholders and the community by operating efficiently, reducing expenses, growing core deposits, investing in technology support, and maintaining asset quality in the loan portfolio,” Grist continued.
“Throughout CornerStone’s history, we have been fortunate to have the steadfast support of our shareholders. Our recent earnings have enabled us to issue dividends and increase the book value of our stock,” continued Grist. “The board will evaluate the bank’s position in late summer and determine whether to issue a shareholder dividend again in 2024.”
Grist praised the efforts of the management team and employees in building enduring relationships with customers by being responsive to their needs with thoughtful and innovative solutions.
“We have built a solid brand in this market by earning our customers’ trust one loan, one deposit and one relationship at a time.”
A featured speaker at the meeting was Lori Turner, executive director of the Community Foundation for Rockbridge, Bath and Alleghany, who spearheaded the recently opened Hope House, Rockbridge Recovery’s transitional facility for recovering addicts. Turner acknowledged CornerStone’s role in establishing Hope House, both with its financial support as well as its efforts to secure additional community contributions for the project.
“CornerStone has shown time and time again why it is the community bank we can depend on to support important work that can help change lives,” said Turner. “CornerStone Bank staff continues to demonstrate the meaning behind CornerStone CARES!”
CornerStone is the second largest bank in the Lexington/Rockbridge/ Buena Vista market and offers a full range of financial services. Headquartered in Lexington, Corner-Stone currently has three branches and over 30 employees.
