Mt. Laurel, NJ, May 10, 2017 --(PR.com
)-- Cornerstone Financial Corporation (OTC “CFIC” and “CFICD”), the holding company for Cornerstone Bank, announced a 10 - 1 Reverse Stock Split affecting shareholders of record as of the close of business on May 15, 2017. The consummation date for the Reverse Stock Split will be upon the opening of trading on May 31, 2017. The new trading symbol will be “CFICD” for a period of 20 days at which time the “D” will then be removed and the trading symbol will revert back to “CFIC.” This change is simply to differentiate the post-split market value from the pre-split market value.
Susan Barrett, Chairman of the Board stated "The Stock Split itself will not adversely affect the aggregate value of our shares of common stock, as it will simply decrease the number of shares outstanding, and thereby increase the book value per share. However, we believe this move will better position us to tell our comeback story, and help with future capital raising efforts.”
Cornerstone Financial Corporation is a New Jersey based bank holding company headquartered in Mount Laurel, New Jersey. Cornerstone Bank is a New Jersey state chartered commercial bank headquartered in Moorestown, New Jersey. The Bank commenced operations on October 4, 1999, and conducts business from its main ofﬁce in Moorestown New Jersey and from six additional branch ofﬁces located in Medford, Burlington, Cherry Hill, Voorhees, Mount Laurel and Woodbury.
Contact: Gene Dorazio, President