UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) | February 1, 2013 |
(Exact name of registrant as specified in its charter) |
Tennessee | 000-30497 | 62-1173944 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
835 Georgia Avenue, Chattanooga, Tennessee | 37402 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (423) 385-3000 |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
£ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
£ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
£ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
£ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD. |
On February 1, 2013, the Registrant announced the payment date of February 14, 2013, for a cash dividend in the amount of $0.625 per share for its Series A Convertible Preferred Stock for all shareholders of record as of September 30, 2012.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CORNERSTONE BANCSHARES, INC. | |||
(Registrant) | |||
Date: February 1, 2013 | |||
By: | /s/ Nathaniel F. Hughes | ||
Nathaniel F. Hughes, | |||
President and Chief Executive Officer |
Cornerstone Bancshares, Inc.
Declares Quarterly Preferred Dividend
CHATTANOOGA, Tenn.--(PR Newswire) — February 1, 2013--Cornerstone Bancshares, Inc. (“Cornerstone”; OTC Bulletin Board: CSBQ; CSBQP), parent company of Cornerstone Community Bank, today announced the next quarterly dividend payment of its Series A Convertible Preferred Stock. Declared on February 1, 2013, the cash dividend is payable on February 14, 2013, to all Preferred shareholders of record as of September 30, 2012.
This marks the eighth consecutive quarterly payment of the Preferred Stock dividend and comes immediately after Cornerstone’s report of $371,000 in net income for the fourth quarter of 2012, representing a 228.6 percent improvement quarter-over-quarter from the previous year.
Cornerstone completed its Preferred Stock Offering on December 31, 2012, after selling all 600,000 shares of the new security and reaching its target goal of raising $15 million in capital.
Founded in 1996, Cornerstone is a single-bank holding company, with $440 million in assets, serving the Chattanooga, Tennessee MSA, with five full-service branch locations throughout Chattanooga and one loan production office in Dalton, Georgia. Locally owned and locally operated, Cornerstone specializes in providing a comprehensive range of customized financial solutions for businesses and individuals.
Certain of the statements made in this release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of Cornerstone and its management regarding the company’s strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which Cornerstone operates, governmental regulations, the company’s competitive environment, cyclical and seasonal fluctuations in its operating results, and other risks discussed in Cornerstone’s Form 10-K and other filings with the Securities and Exchange Commission.
Media Contact:
N. Frank Hughes, President & CEO
423-385-3009
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