Cornerstone Bancorp

Cornerstone Bancorp is a South Carolina corporation incorporated in 1999, operating as a bank holding company. Its sole operations are conducted through its wholly owned subsidiary, Cornerstone National Bank, which was organized in 1999. The Bank operates under a national bank charter granted by the Office of the Comptroller of the Currency of the United States. The Bank conducts its activities from three locations in South Carolina: its main office in the City of Easley, Pickens County, which opened in September 1999; a branch office in the Berea area of Greenville County, which opened in August 2002; and a branch office in the Powdersville/Piedmont area of Anderson County, which opened in July 2005. Its primary market areas include the city of Easley and surrounding areas of Pickens County, the Berea area of Greenville County, and the Powdersville and Piedmont areas of Anderson County, along with contiguous areas. Pickens County is part of the Greenville, South Carolina Metropolitan Statistical Area, and Anderson County is part of the Anderson, South Carolina MSA. The Bank's business primarily involves accepting deposits and making loans. It offers a full range of deposit accounts, including savings, retirement, checking, money market, and time certificates of deposit, to households and businesses in its primary market areas. The Bank also makes commercial, real estate, and installment loans, primarily on a secured basis, to borrowers in the Upstate area of South Carolina, and makes other authorized investments. It provides both in-house and, when market conditions allow, brokered conventional residential mortgage loans, with brokered loans funded by a third-party investor. In 2004, the Bank established Crescent Financial Services, Inc., a wholly owned insurance agency subsidiary that has not yet engaged in significant operations.