Cornerstone Bancshares CEO Resigns After Losses

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"Hubble 3D" Opens @ IMAX at IMAX 3D Theater
"Twenty Original American Etchings" at Hunter Museum of American Art

Cornerstone Bancshares CEO Resigns After Losses

Written by Louis Lee
November 16, 2009 – 4:59 am

The Chairman and CEO of Cornerstone Bancshares has resigned following financial losses of more than 5 million dollars. Gregory B. Jones’ resignation was effective Thursday.

An FDIC examination revealed that the company and its subsidiaries, including Cornerstone Community Bank, has lost 5-point-2 million dollar over the last 9 months.

Bank President, Nathaniel Hughes, will serve as interim CEO while a search is conducted to replace Jones.

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Cornerstone Bancshares CEO Resigns After Losses

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