Mt. Laurel, NJ, May 12, 2017 --(PR.com
)-- Cornerstone Bank (OTC “CFIC”) announced today that the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance has terminated the Consent Order that was entered into between the Bank and the two regulatory agencies and was in effect as of October 23, 2012.
Susan Barrett, Chairman of the Board, stated: "The termination of the Consent Order reflects our hard work to improve credit quality and raise new capital at the Bank. We are grateful to the regulators for acknowledging the progress we have made in restoring the overall health and condition of the Bank.”
Gene D’Orazio, President of the Bank, stated: “We are very pleased that the FDIC and NJDOBI have recognized the hard work of the current management team, the Board of Directors and our employees in addressing the issues that led to the Consent Order. We still have work to do to make Cornerstone Bank a stronger community bank serving the Southern New Jersey market. Having the Order terminated is a very important first step.”
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 D’Orazio - 856-439-0300