Cornerstone Community Bank Becomes a Wholly-Owned Subsidiary of Cornerstone Community Bancorp

RED BLUFF, Calif.--()--Cornerstone Community Bancorp (OTCQB: CRSB), announced today the completion of the process of forming a bank holding company and the transfer of ownership of Cornerstone Community Bank to Cornerstone Community Bancorp. On January 30, 2015, Cornerstone Community Bank became a wholly-owned subsidiary of Cornerstone Community Bancorp. In addition, existing shares of Cornerstone Community Bank common stock were converted into an equal number of shares of Cornerstone Community Bancorp common stock. Shareholders holding physical certificates of Cornerstone Community Bank stock may, but are not required to, surrender and exchange their certificates for new certificates in Cornerstone Community Bancorp. Today, the company’s stock began trading under the name Cornerstone Community Bancorp instead of Cornerstone Community Bank using the same ticker symbol – CRSB.

“We are excited to have completed this next step in our strategic process. The creation of Cornerstone Community Bancorp provides us with additional flexibility when it comes to growth opportunities and business alternatives.”

Jeffrey P. Finck, President & Chief Executive Officer, commented, "We are excited to have completed this next step in our strategic process. The creation of Cornerstone Community Bancorp provides us with additional flexibility when it comes to growth opportunities and business alternatives."

Cornerstone Community Bank is a California state-chartered bank with its headquarters office in Red Bluff and a branch office in Redding. The bank provides commercial banking services, including a wide variety of deposit products and real estate, construction, commercial and consumer loans to small businesses, professionals and individuals. Additional information about the bank is available on its website at www.bankcornerstone.com

This press release includes forward-looking statements that involve inherent risks and uncertainties. Cornerstone Community Bancorp cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which Cornerstone Community Bancorp operates, inflation, fluctuations in interest rates, legislation and governmental regulation and other factors beyond Cornerstone Community Bancorp’s control. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

Contacts

Cornerstone Community Bancorp
Jeffrey P. Finck, 530-222-1460
President
Chief Executive Officer
jfinck@bankcornerstone.com
or
Patrick E. Phelan, 530-222-1460
Chief Financial Officer
pphelan@bankcornerstone.com

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