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The Federal Deposit Insurance Corp. has terminated a consent order with Cornerstone Community Bank in Chattanooga, Tenn., after the bank increased its capital levels.
September 5
Cornerstone Bancshares in Chattanooga, Tenn., has raised $15 million to bolster its capital reserves.
The $421 million-asset company said in a press release Monday that it sold 600,000 shares of convertible preferred stock. The Federal Deposit Insurance Corp. placed the company's Cornerstone Community Bank
Cornerstone's total risk-based capital ratio stood at 12.8% at Sept. 30. Nonperforming assets comprised 7% of the company's total assets at the end of the third quarter.