Cornerstone Community Bancorp Reports Loan Charge-Offs
CORNERSTONE COMUTY BANCRP (CRSB)
NASDAQ:AMEX Investor Relations:
bankcornerstone.com/about-us/shareholder-information.html
Company Research
Source: Business Wire
RED BLUFF, Calif.--(BUSINESS WIRE)--Cornerstone Community Bancorp (OTC Pink: CRSB) announced today the charge-offs of three related agricultural loans in the aggregate amount of $9.4 million due to the deteriorating financial condition of the borrowers. This represents 100% of the Company’s exposure. Although one of the loans is secured by certain equipment and all three loans have guarantors, any future recoveries cannot be reasonably predicted. As a result of these charge-offs, the Company recorded a $9.4 million provision for credit losses on loans.With the exception of the credits mentioned above, overall credit quality remains solid in the loan portfolio. The bank continues to maintain a strong capital position that exceeds well-capitalized regulatory requirements.About Cornerstone Community BancorpCornerstone Community Bancorp, a bank holding company headquartered in Red Bluff, California, serves the Red Bluff, Redding and Anderson communities through its wholly-owned subsid
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