Cornerstone Bank to Open LPO in Southwest Missouri
by February 27, 2015 2:35 pm 147 views
Eureka Springs-based Cornerstone Bank is entering the southwest Missouri market.
Cornerstone president and CEO Charlie Cross said in a news release Friday the bank will open a loan production office in Shell Knob near Table Rock Lake, approximately 30 miles from its Eureka Springs headquarters.
The office has received the necessary regulatory approval and will open within 60 days, Cross said.
“This market is one that we have a keen interest in pursuing, as we feel with its proximity to some of our current locations and with existing clients already within the area, we can begin to develop our presence there,” Cross said in a news release. “We certainly have ambitions to eventually expand to other parts of southwest Missouri moving forward and feel confident we will do so in the future.”
Cornerstone currently has offices in Eureka Springs (2), Berryville and Holiday Island in Carroll County. The bank is also building a full-service branch in Madison County on Arkansas Highway 412 near a new Walmart Supercenter.
Cornerstone posted total assets of $167 million in 2014 — a 71 percent increase in the last decade — and income of $3.39 million. It had 2.08 percent return on assets.
“Our bank has been blessed with tremendous performance and growth in recent years and we plan to continue some strategic expansion in areas within Northwest Arkansas and southwest Missouri,” Cross added. “We are currently considering a multitude of options as it relates to our planned expansion.”
Chartered May 4, 1912, the private bank changed its name from Bank of Eureka Springs in 2008.