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CornerStone Bank’s board of directors approved a 70 cent per share, one-time dividend on Sept. 19 to be issued to all shareholders of record as of Oct. 31. The dividend is payable Dec. 6.
CornerStone, the second largest bank in the local market with assets of over $227,058,715 as of Aug. 31, has issued five previous cash dividends and one stock dividend during its 15-year history.
“Given the slowing global economy, coupled with a divergent economic landscape, I am particularly proud that CornerStone has been able to achieve this level of profitability in 2024,” said J. Steven Grist, president and CEO. “Issuing this dividend under these circumstances is further evidence of CornerStone’s ability to build trusted customer relationships as well as manage our balance sheet,” he continued.
“I am grateful to our shareholders, our board of directors, our customers, our employees and this community for their steadfast work for and support of CornerStone,” Grist added. “Going forward, we will continue to create value for our shareholders, maintain our operational and financial performance, and above all deliver outstanding Corner-Stone CARES service to our customers.”
The amount and declaration of future cash dividends are subject to discretion and approval by the board of directors and will depend upon a number of factors, including future earnings, financial condition, cash requirements and general business conditions.
