Bank’s application accepted by state and FDIC; Capitalization reaches goal
Lebanon, Tenn. – Efforts to launch Wilson County’s newest bank are right on track says Bob McDonald, president and CEO of CedarStone Bank (in organization) thanks to highly-successful efforts to date to raise the funds needed to capitalize the new bank and the recent acceptance of CedarStone’s application by the Federal Deposit Insurance Corporation and the Tennessee Department of Financial Institutions.
“On behalf of the board of directors and incorporators, I’m pleased to announce that we are right on track to open the doors of CedarStone Bank (in organization) here in Wilson County in the first quarter of 2004,” said McDonald, who has more than 17 years of banking experience. “Thanks to the hard work by our entire team of founders and senior staff and the generous financial investment of hundreds of Wilson County residents to help us capitalize the bank, we are confident that we can complete the regulatory approval process in short order and be open for business.”
The organizers of CedarStone Bank (in organization) filed their notice of intent with the Tennessee Department of Financial Institutions to form the new bank in May 2003. There are currently over 650 subscribers that have responded to a stock offering helping the bank exceed its capital goal of $7 million. Construction is underway on the bank’s two initial locations and several essential steps required for formal regulatory approval have been completed.
McDonald is joined by seven well-known Wilson County business and civic leaders that serve as the bank’s board of directors and incorporators including: Kevin Bay, Jacqueline West Cowden, Fran Moscardelli, Bancroft O’Quinn Jr., M.D, Nelson Steed, Brownie Vantrease, and Bobby Wood.
The proposed bank’s current staff includes: Hank Stuart, who will serve as senior vice president and senior credit officer, Tina Winfree, who will serve as vice president, cashier and operations manager and Kay Talley who will serve as Administrative Assistant.
“Everyone involved in this effort is very excited by our momentum and our vision of offering first-class financial services to the residents and businesses of Wilson County and the neighboring communities that surround us and we want to thank the hundreds of supporters and subscribers who have helped make it possible,” McDonald said. “This bank is being organized because we have a commitment to building long-term customer relationships and to supporting the continued economic growth and success of Wilson County.”
CedarStone Bank (in organization) has already secured space in both Lebanon and Mt. Juliet for its first banking offices. Following regulatory approval, CedarStone will provide a full range of financial services to the community with two full-service bank offices offering drive-up ATM facilities, drive-through teller window, night depository, safe deposit boxes and other amenities.
The Lebanon office will be located in the Signature Jewelry building on West Main Street. The Mt. Juliet office will be in the Rainbow Center at the corner of Mt. Juliet Road and Old Lebanon Dirt Road.
For a limited time CedarStone will continue to accept stock subscription agreements and interested parties may call the main office at (615) 443-1411 for an offering circular.