| Business Summary | | Cornerstone
Bancorp,
Inc.
was
incorporated
to
serve
as
a
bank
holding
company
for
Cornerstone
Bank
(the
Bank).
The
Bank's
business
consists
primarily
of
attracting
deposits
from
the
general
public
and
local
businesses,
and
loaning
or
investing
these
deposits.
The
Bank
originates
loans
collateralized
by
liens
on
commercial
and
residential
properties,
as
well
as
secured
and
unsecured
commercial
and
consumer
installment
loans.
The
Bank
engages
in
a
full-service
commercial
and
consumer
banking
business.
Services
include
demand,
savings
and
time
deposits,
and
mortgage,
commercial
and
consumer
installment
loans.
Since
its
inception,
the
Bank's
primary
mission
has
been
to
serve
the
banking
needs
of
its
community,
the
businesses
in
Fairfield
County,
Connecticut,
including
minority-owned
businesses
in
low-
and
moderate-income
areas,
and
its
citizens,
including
those
living
in
low-
and
moderate-income
areas. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | CBN
is
a
bank
holding
Company
for
Cornerstone
Bank,
a
state
chartered
bank
with
offices
serving
Stamford,
Cos
Cob
and
Norwalk,
as
well
as
limited-service
mobile
branches.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
10%
to
$5.9
million.
Net
interest
income
after
loan
loss
provision
rose
12%
to
$3.9
million.
Net
income
rose
less
than
1%
to
$837
thousand.
Results
reflect
increased
earning
asset
balances,
partially
offset
by
higher
salaries
expense. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Melvin Maisel, 76 Chairman | -- | Merrill Forgotson, 58 Pres,
CEO, Director | $19K | Norman Reader, 76 Vice
Chairman | 189K | James Jakubek, 51 Exec.
VP, COO | 192K | Paul Reader, 42 Sr.
VP | 155K | Dollar
amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|