Planned bank closer to opening; CornerStone will join 10 others

By Joel Poelhuis

CornerStone Bank is closing in on its goal of opening this summer.

The Office of the Comptroller of the Currency authorized the bank to begin its stock offering March 12.  CornerStone is also seeking approval from the Planning Commission for a temporary location next to the Don Tequila restaurant on East Nelson Street in Lexington. 

President and CEO David Grist has presented CornerStone as a community bank that will emphasize strong local ties.  Eleven of the board of directors' 13 members live in Rockbridge County.  The board of directors will contribute $2.4 million to CornerStone's goal of $8 million to $12 million for start-up.  Grist said $7.5 million has already been raised in oral commitments. 

Grist said he and the board of directors will present CornerStone stock to the community in a series of public meetings.  The first will be on April 9 at the Sheridan Livery Inn.  Stock is offered in packages of $25,000, which include 2,500 shares of $10. 

Grist said the bank has signed a 99-year lease for property at Nelson and Main streets.  Plans are underway for the construction of a three-story headquarters building, based partly on a building that stood at the corner in the late 1800s.  

A nonprofit organization headed by Jeff Williams, a retired Richmond Realtor, is also considering the same site at the Old Courthouse Block for development. 

Williams said a team of professional planners would conduct a study and consult building owners and the public before presenting a final plan. 

Grist said he would be willing to work with the other group of planners, but stressed that CornerStone had already done planning of its own. 

"We intend to move forward, and we hope he can build around that," he said. 

Two other banks, Wachovia and SunTrust, stand across from where CornerStone plans to build.  Ten banks already operate in the Rockbridge area. 

Grist and several CornerStone board members were previously involved with the start-up of the Bank of Rockbridge, which is now a branch of Richmond-based TransCommunity Bank.  Grist resigned from Bank of Rockbridge last March because of its consolidation by TransCommunity. 

A spokesman for the Bank of Rockbridge cited the quality of its employees and dedication to the community. He said there is plenty of room in the market for other banks that follow that model. 

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