Cornerstone Bank Marks Centennial Milestone

by Talk Business & Politics ([email protected]) 76 views 

Cornerstone Bank recently observed its 100th birthday with an open house at its Financial Center in Eureka Springs and a commitment to give $100,000 to local communities through donations to nonprofits, prizes and giveaways during its centennial year.

Chartered May 4, 1912, the former Bank of Eureka Springs became Cornerstone Bank in 2008 to reflect its regional expansion.

In a letter to customers, Cornerstone’s chairman John F. Cross said Eureka Springs has had about six banks in its history, but one by one they have failed, and since 1931, Cornerstone Bank has been the only surviving, locally owned and chartered institution in Eureka Springs and the Western District of Carroll County.

“We’ve been here for 100 years of Eureka Springs’ 132-year history, and attribute our successful 100 years of operation to our clients, communities and founders,” Cross said in a news release.

His son Charles T. Cross is the bank’s president and CEO.

The private bank posted total assets of $142.46 million last year and income of $1.52 million. It had 1.04 percent return on assets, and a loans-to-deposits ratio of 71.17 percent.

Besides the Financial Center, Cornerstone also has offices in downtown Eureka Springs, Holiday Island and Berryville.

Cornerstone’s Historic Downtown branch was formally dedicated as the Historic Bank of Eureka Springs Museum in December 2010.